By Peter Omopo
Foreign investors accounted for 28 percent of the capital raised in Nigeria’s ongoing bank recapitalisation exercise, Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed.
Cardoso made the revelation during the Africa Capital Forum in London, held on the sidelines of President Bola Ahmed Tinubu’s state visit to the United Kingdom, according to a statement issued by the apex bank on Wednesday.
He noted that the level of foreign participation reflects renewed investor confidence in Nigeria’s financial system and the broader economy.
The CBN governor said the recapitalisation programme has recorded significant progress, with more than 30 banks already meeting the new minimum capital requirements, while verification processes are ongoing for others. He described the development as a strong endorsement of the bank’s ongoing monetary and financial sector reforms.
Cardoso explained that recent policy measures introduced by the Central Bank have strengthened the resilience of the financial system and improved its ability to withstand external shocks. He added that reforms in the foreign exchange market have enhanced transparency and liquidity, making it easier for investors and businesses to operate.
He further stated that the apex bank is working to establish a more predictable and transparent policy environment to restore credibility and minimise discretionary interventions, which he said are critical to sustaining investor confidence and attracting long-term capital inflows.
The governor also highlighted improvements in key macroeconomic indicators, including easing inflationary pressures and increased exchange rate stability. He said these developments, alongside reforms in the oil sector and growing domestic investment, are positioning Nigeria for sustained economic growth.
Cardoso assured investors of the Central Bank’s commitment to maintaining stability, improving communication, and strengthening institutional frameworks to avoid past policy inconsistencies.
He added that diaspora remittances have increased significantly, helping to diversify the country’s foreign exchange inflows and strengthen external reserves against global volatility.
“Our focus going forward is to protect the hard-earned stability we have accomplished so investors and stakeholders can plan with confidence,” he said.
Cardoso emphasised the need for continued collaboration between monetary and fiscal authorities, noting that such coordination is essential for sustainable economic growth and effective policy implementation.
He also stated that the Central Bank would remain vigilant in managing inflation and sustaining stability in the foreign exchange market through improved transparency and consistent reporting.
According to him, Nigeria’s macroeconomic reforms have shifted the country from a phase of stabilisation to one of capital mobilisation, encouraging investors to view Nigeria as an economy with strong growth potential and an increasingly robust banking system.
The CBN governor further noted that the bank is reviewing its policies to develop a more predictable framework, while also working closely with the fintech sector to address regulatory challenges and promote innovation aimed at deepening financial inclusion.
