$1trn GDP: Banks to increase capital base, says Cardoso

In a move to remain liquid and do business, the governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has disclosed that Nigeria’s banks are to increase their capital base as the federal government led by President Bola Tinubu targets the $1trillion Gross Domestic Product (GDP) within the next three years.

President Tinubu had set an ambitious target of growing the economy to $1 trillion by 2026 and increasing it to $3 trillion by the end of the decade in 2030.

The President disclosed this while delivering the opening address at the 29th edition of the Nigeria Economic Summit held in the nation’s capital, Abuja.

Cardoso on Friday evening at the annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, expressed that despite challenges, the financial sector has demonstrated resilience in 2023.

He disclosed that the CBN had pumped N10trillion into Agriculture, Power, and among sectors as interventions, stressing that under his watch, the Bank of Government aimed to address aggressively key issues relating to interventions.

Cardoso said the CBN is determined to stabilize the foreign exchange market, stressing that part of its measures was to lift the ban on the 41 items.

…more details soon