Recapitalised Nigerian Banks Positioned as Catalysts for $1 Trillion Economy at Africa Capital Forum
By Rashidat Olushola Okunlade
Nigeria’s recapitalised banking sector has been projected as a major driver of the country’s ambition to build a $1 trillion economy, following strong endorsements from industry leaders and policymakers at the inaugural Africa Capital Forum held in London.
The forum, which brought together top banking executives, government officials and global financial stakeholders, shifted the narrative from concerns about compliance with new capital thresholds to the transformative role recapitalised banks can now play in mobilising investment and supporting economic expansion.
Speaking during the sessions, Executive Director of Zenith Bank, Akin Ogunranti, highlighted the significance of domestic participation in the recapitalisation exercise, noting that more than 72 per cent of the capital raised came from local sources. According to him, the milestone reflects growing depth in Nigeria’s capital markets and renewed investor confidence in the banking sector’s long-term prospects.
Governor of the Central Bank of Nigeria, Olayemi Cardoso, described the outcome of the reform programme as a fundamental shift in the country’s financial system. He noted that 32 banks have successfully met the new capital requirements, resulting in a system characterised by improved liquidity, transparency and resilience.
Cardoso further emphasised that Nigerian banks now play a dominant role across Africa and maintain a growing presence in international markets, particularly in the United Kingdom, positioning them as strategic ambassadors for the country’s economic interests.
Managing Director of First City Monument Bank, Yemisi Edun, said the recapitalisation exercise has already translated into increased credit capacity for businesses. She explained that the strengthened capital base enhances industry credibility and expands opportunities for financing growth across key sectors of the economy.
Similarly, Managing Director of First Bank of Nigeria, Segun Alebiosu, underscored the international implications of recent reforms, noting that Nigerian banks are now better positioned to execute larger transactions and attract fresh investments. He also revealed that several Nigerian lenders currently operate multiple offices within the UK financial ecosystem.
The continental reach of Nigerian banking institutions was further illustrated by Group Managing Director of United Bank for Africa, Oliver Alawuba, who disclosed that over 65 per cent of the bank’s revenue is generated from operations outside Nigeria. He described this footprint as critical to expanding trade finance, investment flows and economic integration across Africa.
In her remarks, Managing Director of Guaranty Trust Bank, Miriam Olusanya, pointed to the restoration of correspondent banking relationships as a key structural gain from the reforms. She noted that renewed global confidence would strengthen Nigeria’s participation in cross-border trade and global capital markets — essential components for achieving large-scale economic growth.
On the policy front, Special Adviser to the President, Sanyade Okoli, stressed that government alone cannot fund the scale of development required to meet the $1 trillion economic target. She emphasised the need for partnerships with financial institutions capable of attracting long-term equity capital and supporting private sector-led growth.
Concluding the discussions, Cardoso expressed optimism about the sustainability of recent macroeconomic stability, describing the current period as one of the most consistent in recent years and indicating confidence that the banking sector would remain on a positive trajectory.
The forum was convened by the Central Bank of Nigeria in partnership with the UK Foreign, Commonwealth and Development Office and hosted by broadcaster Lukwesa Burak. It received support from leading financial institutions including Zenith Bank, First City Monument Bank, First Bank of Nigeria, Guaranty Trust Holding Company, United Bank for Africa, Goldman Sachs, J.P. Morgan, the Nigerian Exchange Group, and Access Bank.
The Africa Capital Forum is an independent institutional platform designed to advance strategic dialogue on capital mobilisation, financial system development and investment opportunities across the African continent.
