The Central Bank of Nigeria (CBN) indicated that local investors contributed just over 20% of the N4.65tn secured by Nigerian banks during a recent recapitalisation drive. Governor Olayemi Cardoso shared this update with international lenders on Saturday in Bangkok, where the 2026 annual gatherings of the IMF and World Bank Group took place. According to Punch, the governor noted that this local funding share signals trust in the banking sector’s durability and future potential, even though he did not itemise the exact split between home and overseas capital.
Cardoso framed the capital injection as a move to bolster banks’ ability to extend credit and drive economic activity. He pointed to stronger macroeconomic performance, including external reserves that have climbed past $55 billion, a peak not seen in nearly two decades. Monthly formal remittance inflows are now nearing $1 billion. Inflation also slowed to 14.63% in September, a period when the CBN cut its benchmark lending rate by 350 basis points to 23%.
The governor also referenced a more favorable sovereign rating, specifically Fitch Ratings’ shift of Nigeria’s outlook to positive. He explained that talks with global rating houses like S&P and Moody’s centered on the steps needed to reach investment-grade status in the coming years. Cardoso argued that consistent policy, strong institutions, and tight coordination between fiscal and monetary teams are key to maintaining investor trust.
In his address, Cardoso urged developing nations to shift focus from merely managing crises to constructing robust, competitive economic structures. He also pushed for deeper African involvement in artificial intelligence development, suggesting the region should build skills to capture the technology’s economic benefits. Furthermore, he detailed ongoing efforts to strengthen financial links with Asian partners, citing discussions with Singapore and China’s central banks on cross-border payments and trade finance.