The Central Bank of Nigeria (CBN) has received support from President Bola Tinubu for its proposal to expand the capital basis of the nation’s commercial banks.
Recall that the country’s top bank will raise the capital basis of its banks, as stated by CBN Governor Olayemi Cardoso at the 58th Annual Bankers’ Dinner.
According to the head of the apex bank, Nigerian banks lack the liquidity needed to support the $1 trillion economy that the Bola Tinubu administration hopes to achieve over the next seven years.
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Speaking on Tuesday at The Guardian Newspapers’ 40th anniversary celebration in Lagos, President Tinubu supported the apex bank’s initiative to consolidate the banking industry.
The country’s economy would reach unprecedented heights thanks to the CBN initiative, according to the president, who was represented by his spokesperson, Bayo Onanuga.
With the expected $1 trillion GDP in eight years, Tinubu stated that it is now crucial to take into account the capital adequacy of Nigerian banks. He also stated that there will be a strong need to review the capital adequacy levels of banks.
He said, “On the economy, that is facing all of us, our ambition to attain the $1tn appears daunting but we believe that it is achievable with God on our side and our collective determination.
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“This explains the reason the Vice President and I have been on the road trying to attract huge investments into various phases of our economy: agriculture, oil and gas and others.
“To arrive at the $1 trillion economy, we must address the capital adequacy of our banks that will prepare the fuel for this journey.”
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