By Olanrewaju Joseph (SIWES student, OSCOTECH)
The Presidency, backing the Central Bank of Nigeria’s initiative, believes that consolidating the banking sector will propel the country towards economic growth.
Just days after the CBN proposed new capital requirements, the Presidency emphasized the importance of assessing Nigerian banks’ capital adequacy, especially with the goal of achieving a $1tn economy in eight years.
At the 40th Anniversary Celebration of The Guardian Newspapers, President Bola Tinubu’s Special Adviser, Bayo Onanuga, stressed the need to revisit banks’ capital levels to fuel the journey towards the ambitious economic target.
CBN Governor, Olayemi Cardoso, highlighted the results of stress tests on banks, revealing their ability to withstand mild to moderate stress but emphasizing the necessity for recapitalization to meet the demands of a $1tn economy.
