CBN Governor Calls for Capital Shift to SMEs and Agriculture

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), called on banks to channel new capital into small and medium-sized enterprises (SMEs), agriculture, and infrastructure during a recent summit organized by CNBC Africa and ABN Group in Lagos. He highlighted that the successful completion of a recapitalization exercise marks the beginning of a new phase for Nigeria's banking industry, focusing on raising capital to support economic growth.

As of March 31, 2026, the CBN aims to mobilize ₦4.65 trillion in fresh capital, enabling 33 banks to meet minimum capital requirements. Cardoso noted that approximately 73% of the capital raised came from domestic Nigerian investors.

He cautioned against misinterpreting the recapitalization as an end in itself, stressing that the ultimate goal is to strengthen banks' capacity to support the real economy and absorb risks. Additionally, Cardoso mentioned the CBN's Payment System Vision 2028, which aims to modernize Nigeria's payment ecosystem and position the country as a digital finance hub in Africa.