CBN’s Re-capitalisation Policy Targets US$1 Trillion Economy By 2030 —Cardoso

By Angel Ike

The Governor of the Central Bank of Nigeria CBN, Yemi Cardoso said the Bank’s re-capitalisation policy has prompted banks to strengthen their financial positions, a process expected to result in a more robust and resilient banking sector by March 2026.

He said the exercise is expected to support the realisation of US$1 trillion economy by 2030.

Cardoso stated this while addressing the House of Representatives Committee on Banking on policy measures and strategies to address domestic macroeconomic challenges.

On the macroeconomic performance in 2024, he said projections indicate a growth rate of 3.2% and 3.3% for 2024 and 2025 respectively.

He added that Nigeria is projected to maintain a more robust 4.3% growth rate.

Cardoso said the non-oil sector maintained strong performance, contributing 94.30% to GDP with a steady 2.80% growth rate.

He added that the oil sector’s growth rate has almost doubled to 10.15% in Q2, 2024 from 5.70% in Q1, 2024, due mainly to improved security surveillance which resulted in increased production of crude oil and natural gas.

According to him, the Services sector continues to be the primary economic driver, contributing 58.76% to GDP with a robust growth rate of 3.79%.

Cardoso said the Industrial sector has shown remarkable improvement, with its growth rate surging to 3.53% from 0.31%.

He pointed out that the contribution of agriculture to total GDP also increased. In addition, the growth rate of the sector rose to 1.41%, from a negative territory of -0.90%, indicating a substantial turnaround in productivity.