20 Nigerian Banks Meet Recapitalisation Deadline as CBN Pushes for Productive Lending
About 20 deposit money banks in Nigeria have met the Central Bank of Nigeria’s (CBN) new capital requirements under the ongoing banking recapitalisation programme, the apex bank has announced. The initiative aims to strengthen banks’ balance sheets to support credit growth in the real economy.
Dr. Muhammad Abdullahi, CBN Deputy Governor for Economic Policy, revealed this at the 2026 Macroeconomic Outlook launch of the Nigerian Economic Summit Group in Lagos. “As we close up towards March, the efforts have been quite impressive. We have about 20 banks that have already met it, and more are meeting the requirements every day,” he said, emphasizing that recapitalisation is designed to drive Nigeria toward a trillion-dollar economy.
Abdullahi stressed that boosting capital alone is not enough. He urged banks to channel the strengthened capital into productive and sustainable lending, particularly to SMEs and businesses in priority sectors. Over the past year, the CBN has invested in technological upgrades to monitor lending patterns and ensure recapitalisation translates into real sector growth.
Beyond banking, Nigeria faces a development finance gap estimated at N230 trillion, according to Abdullahi. The CBN is now working to mobilize private sector capital, both domestic and international, while collaborating with the Ministry of Finance to optimize the deployment of funds in development finance institutions. “There’s a clear programme to correct incentives in each DFI to ensure that money is used efficiently, not wasted,” he said.
Meanwhile, government officials are taking complementary steps to stimulate industrial growth. Senator John Enoh, Minister of State for Industry, unveiled the National Industrial Policy targeting job creation, import substitution, and value-chain deepening in sectors like agro-processing, solid minerals, petrochemicals, automotive, and pharmaceuticals. The policy emphasizes disciplined execution, aligning finance, infrastructure, skills, and regulation to deliver measurable results for Nigeria’s industrial and economic transformation.
source: punch