Banking sector recapitalization will boost one trillion-dollar economy- CBN
Nike Popoola
The ongoing recapitalisation of banks to power a one trillion-dollar economy would no doubt improve the strength and health of the financial system.
The Deputy Governor, Corporate Services, Central Bank of Nigeria, Ms Emem Usoro, spoke during the 36th seminar for Finance Correspondents and Business editors in Abuja on Monday, with the theme, ‘Playing the Global Game: Banking Recapitalization Towards a One-Trillion Dollar Economy”.
“Ladies and Gentlemen, the push for a new paradigm towards the recapitalisation of banks to power a one trillion-dollar economy would no doubt improve the strength and health of the financial system, deepen financial intermediation and promote healthier competition as well as usher in a robust payment architecture that would strengthen our payment system,” she said.
As the country works towards building a $1tn Economy, she said, it must consider the recapitalisation of the banks to be able to fund, finance and power the economy and favourably compete globally with its peers in other climes.
According to her, “I think that if the current protectionist development approach by the US and other big economies continues to pervade the global system, we should particularly pay significant attention to bank recapitalisation to ensure that our banks are strong, resilient and stable enough to carry out financial intermediation, and the much-needed financing of development projects and programmes.
“Building a one trillion-dollar economy is not an easy task. It would require careful planning, robust and clear policy direction, dutiful implementation, and averred commitment from stakeholders that would galvanise the various sectors of the economy.”
Currently , she noted, Nigeria’s economy is valued at approximately $250billion.
“As we aspire to build a 1 trillion dollar economy, all hands must be on deck to push with strong ideas to sustain this vision that has very noble capabilities of making our economy develop faster and improve the quality of lives of our citizens.,” she noted.
