By Peace Erewunmi

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that Nigerian banks have raised approximately ₦4.65 trillion through the ongoing banking sector recapitalisation programme.

Cardoso made the disclosure while highlighting progress recorded in efforts to strengthen the country’s financial system and improve the capacity of banks to support economic growth.

According to the CBN governor, the recapitalisation exercise is aimed at building stronger and more resilient financial institutions capable of supporting large-scale investments and economic development initiatives.

The programme requires banks to increase their capital base in line with new regulatory requirements introduced by the apex bank.

Industry analysts say the additional capital will enhance banks’ ability to finance critical sectors of the economy, including infrastructure, manufacturing, agriculture, and small businesses.

The recapitalisation initiative is also expected to improve confidence in the banking sector, strengthen financial stability, and position Nigerian banks to compete more effectively in regional and global markets.

Cardoso noted that the banking sector remains a key pillar of the economy and emphasized the importance of maintaining a sound and well-capitalized financial system.

Stakeholders have described the amount raised so far as a positive signal for the sector, indicating investor confidence in the future of Nigeria’s banking industry.

As of the time of filing this report, the recapitalisation process remains ongoing, with banks continuing efforts to meet regulatory targets within the stipulated timeframe.