Nigeria Urged to Recapitalize Banks to Boost Trade

Dr. Yemi Kale, the Group Chief Economist and Managing Director of Research at Afreximbank, stated that Nigeria must capitalize on banking sector recapitalization to close the $120 billion annual trade finance gap, which is crucial for driving intra-African trade and supporting the African Continental Free Trade Area (AfCFTA).

Speaking at the Ecobank Custom Forum in Lagos, he highlighted Nigeria's position as Africa's largest economy and consumer market, stressing the importance of mobilizing capital to support domestic production and enhance trade dynamics. Kale noted that Nigeria's economy is not only large but also has significant potential for growth, which can be realized through effective policies that stabilize the macroeconomic environment.

He pointed out the necessity of breaking the cycle of exporting raw materials while importing finished goods, advocating for industrialization and value addition. Mr.

Bolaji Lawal, Managing Director of Ecobank Nigeria, welcomed the forum's focus on enhancing Nigeria's economic transformation and export capabilities.