The Central Bank of Nigeria has reiterated that the ongoing recapitalisation of commercial banks is central to achieving the Federal Government’s ambition of building a $1 trillion economy by 2030.

The CBN Deputy Governor for Financial System Stability, Mr Philip Ikeazor, stated this on Friday at the three-day retreat of the Association of Corporate Affairs Managers of Banks, held in Abeokuta, Ogun State.

He described the recapitalisation policy as “a journey, not a destination,” stressing that the objective is to build banks that are not only bigger but stronger, well-governed, and inclusive.

Represented by Mr Ibrahim Hassan, Ikeazor said: “The true goal of the exercise is not merely to create bigger banks but better banks—banks that are safe, sound, innovative and inclusive.”

He added that well-capitalised banks would boost national development, enhance competitiveness, and improve the sector’s ability to withstand domestic and global economic shocks.

Recalling the 2005 recapitalisation that reduced Nigerian banks from 89 to 25 and strengthened the industry, Ikeazor noted that the current reforms are part of broader efforts to reposition the sector under the leadership of CBN Governor, Mr Olayemi Cardoso.

“I am confident that before the deadline in the first quarter of 2026, most banks will have met the new requirements either individually or through mergers. This exercise will position Nigerian banks to better support economic growth and compete globally,” he said.