Nigeria's Central Bank initiates bank recapitalisation program to increase minimum capital by 2026, targeting $1 trillion economy by 2030.

Nigeria's Central Bank has initiated a bank recapitalisation program, aiming to increase minimum capital for banks by 2026, with the goal of strengthening the financial sector and supporting the country's economy to reach a $1 trillion level. The new minimum capital requirements for different categories of banking licenses range from ₦500 billion for nationwide and overseas operations to ₦50 billion for regional banks. This recapitalisation plan is part of President Tinubu's vision to make Nigeria a $1 trillion economy by 2030.

April 11, 2024
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