Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has lauded the nation’s financial institutions as vital “ambassadors,” revealing that 30 banks have already met the new minimum capital requirements ahead of schedule.
Speaking at the inaugural Africa Capital Forum in London, held on the sidelines of President Bola Ahmed Tinubu’s state visit to the United Kingdom, Cardoso expressed immense pride in the sector’s evolution and its expanding influence across the continent.
“We have come a very long way with the banking system. We are very proud of what the Nigerian banks have been able to accomplish,” Cardoso told the forum during a fireside conversation. “They play a dominant role in Africa and beyond. They are our ambassadors.”
Recapitalization Milestone
The Governor disclosed that as of March 2026, the CBN’s ambitious recapitalization program—launched in 2024 to fortify the industry—has seen significant success. Of the 33 banks currently in the process of raising funds, 30 have successfully met the new minimum capital thresholds for their respective license categories.
The exercise has not only strengthened domestic stability but has also attracted substantial international interest. Cardoso noted that approximately 28% of the new capital raised during this cycle came from foreign investors, signaling a “strong endorsement” of Nigeria’s ongoing monetary reforms.
Economic Transformation and “Soft Power”
The Governor framed the banking sector’s growth as a cornerstone of Nigeria’s drive toward a trillion-dollar economy. He highlighted that Nigerian banks are no longer just local players but are now financing major trade, infrastructure, and entrepreneurship projects across multiple African markets and in global hubs like the United Kingdom.
come at a time of “renewed clarity” for the Nigerian economy. He pointed to the sharp narrowing of the foreign exchange gap—down from 50% in 2022 to less than 2% in 2025—and the growth of external reserves to over $50 billion as evidence that disciplined reforms are yielding results.
“Expansion alone is not sufficient,” Cardoso cautioned, emphasizing that the CBN remains focused on its core mandate of price stability and inflation control to ensure that the “ambassador” banks operate within a resilient macroeconomic environment.
