The Central Bank of Nigeria (CBN’s) decision to embark on recapitalisation of banks was to align monetary, fiscal policies with the Federal Government’s vision of attaining a $1 trillion dollar economy by 2030.
The recapitalisation exercise, which is far underway, is recording significant successes, with successful capital raising by many banks and surge in credit expansion to the domestic economy.
CBN Governor, Olayemi Cardoso explained that with stronger capital bases, banks can provide more loans to businesses and support the government’s quest for a robust economy.