‘A journey, not a destination,’ CBN harps on importance of banks recapitalisation in attainment of $1trn economy at ACAMB retreat

The Central Bank of Nigeria (CBN) has described the ongoing recapitalisation of banks as ‘a journey, not a destination’ in the attainment of the nation’s $1 trillion economy by 2030, an agenda set by President Bola Tinubu’s administration.

According to the apex bank, the objective of the policy is to build banks that are not only bigger but stronger, well-governed, and inclusive.

This was revealed on Friday by CBN Deputy Governor in charge of Financial System Stability, Mr. Philip Ikeazor, at the ongoing three-day retreat of the Association of Corporate Affairs Managers of Banks (ACAMB) holding in Abeokuta, the Ogun State capital.

According to Ikeazor, the recapitalisation policy embodies, “a statement of resilience and ambition,” designed to equip Nigerian banks to withstand shocks, expand credit to the real sector, and play a catalytic role in driving inclusive growth.

The Deputy Director explained that the retreat’s theme, “Banks’ Recapitalisation and Beyond,” directly aligns with one of the apex bank’s most important policy priorities enhancing the soundness and competitiveness of the financial system.

He stated: “This recapitalisation follows a period of global financial volatility, inflationary pressures, and exchange-rate realignment.

“The primary objective of the CBN for the exercise is to ensure that Nigerian banks maintain sufficient buffers to absorb shocks, sustain credit flows, and remain competitive in an increasingly interconnected but more unpredictable global environment.”

Noting that 2030 was only five years away, he urged industry stakeholders to be “bold and deliberate,” calling for collective resolve and ingenuity to make the vision a reality.

On the rationale for the exercise, Ikeazor explained that the recapitalisation follows a period marked by global financial volatility, inflationary pressures, and exchange rate realignment.

Drawing parallels with the landmark 2005 consolidation that birthed a new generation of stronger banks, Ikeazor said the current exercise seeks to build institutions that can finance ambitious infrastructure projects, support innovation, and promote inclusive, sustainable growth.

He added: “The Central Bank views the ongoing recapitalisation exercise not as an end, but a means to an end as an enabler for deeper financial intermediation — expanding access to credit, supporting digital banking ecosystems.”

In his opening speech, the President of ACAMB, Rasheed Bolarinwa noted that the recapitalisation provides a unique opportunity for the industry to reimagine the future of Nigerian banking, emphasising trust, inclusion, and collective growth.

He added: “As we all know, the recent recapitalisation exercise is not merely a regulatory hurdle; it is a catalyst for re imagining Nigerian banks as stronger, more trusted, and more inclusive institutions that can support Nigeria’s ambition of a $1 trillion economy.

“Beyond balance sheet growth, the real value lies in brand resilience  the ability to retain and deepen trust among customers, investors and communities and in expanding financial inclusion for MSMEs, women led enterprises, and the unbanked in our rural areas.”

He added: “Let this retreat be more than a knowledge sharing forum. Let it be the beginning of a community of practice that pilots joint brand narratives, shares data driven insights, and demonstrates that a well capitalised bank can be a catalyst for inclusive growth.

“As we say in Nigeria, “When the tree is strong, the birds that rest on it are many.” Let us together build those stronger trees.”