Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed that foreign investors accounted for 28 per cent of the funds raised in Nigeria’s ongoing banking sector recapitalisation.
Mr Cardoso made this known at the Africa Capital Forum held in London, on the sidelines of President Bola Ahmed Tinubu’s state visit to the United Kingdom. He said the level of foreign participation signals renewed confidence in Nigeria’s financial system and broader economy.
According to a statement issued by the apex bank on Wednesday, the CBN governor revealed that more than 30 banks have already met the new minimum capital requirements under the recapitalisation programme, while verification processes are ongoing for others. He described the development as a strong endorsement of the country’s ongoing monetary and financial sector reforms.
“About 28 per cent of investment in the recapitalisation came from foreign sources,” Cardoso stated, noting that the inflow reflects growing global trust in Nigeria’s reform agenda.
He explained that recent policy measures introduced by the CBN have strengthened the resilience of the financial system and enhanced its ability to withstand external shocks. Reforms in the foreign exchange market, he added, have improved transparency and liquidity, making it easier for investors and businesses to operate.
Cardoso further emphasised the apex bank’s commitment to building a predictable and transparent policy environment, aimed at minimising discretionary decisions and restoring institutional credibility. He said such efforts are critical to sustaining investor confidence and attracting long-term capital inflows.
The governor also pointed to improvements in key macroeconomic indicators, including easing inflationary pressures and greater exchange rate stability. These gains, alongside reforms in the oil sector and increased domestic investment, he said, are positioning Nigeria for sustained economic growth.
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He assured investors that the CBN would continue to prioritise stability, strengthen communication, and reinforce institutional frameworks to avoid past policy inconsistencies.
Cardoso also highlighted a rise in diaspora remittances, noting that the inflows are helping to diversify Nigeria’s foreign exchange reserves and make them more resilient to 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.
He stressed the importance of collaboration between monetary and fiscal authorities, adding that closer coordination would enhance the effectiveness of ongoing reforms and support sustainable growth.
On inflation, Cardoso said the apex bank would remain vigilant to ensure price stability, while maintaining transparency and consistency in foreign exchange market operations.
He noted that Nigeria’s macroeconomic reforms have moved the country from a phase of stabilisation to one of capital mobilisation, encouraging investors to see Nigeria as “an economy to watch very closely” as its growth drivers deepen.
Highlighting the bank’s digital finance agenda, Cardoso said the CBN is working closely with the fintech sector to address regulatory and operational challenges, while supporting innovation that promotes financial inclusion across Nigeria and the wider African continent.
