Cardoso: Domestic investors provided 20% of banks’ N4.65trn capital

CBN Governor, Olayemi Cardoso. Photo: CBN / X

Domestic investors accounted for slightly more than 20 per cent of the N4.65tn raised by Nigerian banks under the recapitalisation exercise, Central Bank of Nigeria Governor, Olayemi Cardoso, has said.

Cardoso disclosed this on Saturday during a briefing at the 2026 Annual Meetings of the International Monetary Fund and World Bank Group in Bangkok, Thailand.

The CBN governor said the contribution of domestic investors reflected confidence in the banking sector’s resilience and long-term prospects, although he did not provide a breakdown of the amount raised from local and foreign investors.

The capital raised is part of efforts to strengthen banks’ financial capacity and position them to support lending, investment and economic activity.

Cardoso also highlighted improvements in Nigeria’s macroeconomic indicators, saying the country’s external reserves had risen above $55 billion, their highest level in 18 years, while formal remittance inflows were approaching $1bn monthly.

Headline inflation declined to 14.63 per cent in September, while the CBN reduced the monetary policy rate by 350 basis points, from 26.5 per cent to 23 per cent that month.

The governor said the country’s sovereign outlook had also improved, citing Fitch Ratings’ revision of Nigeria’s outlook from stable to positive.

He said Nigeria’s engagements with international credit rating agencies, including Standard & Poor’s and Moody’s, focused on the country’s economic outlook and the measures needed to achieve investment-grade ratings over the medium term.

According to Cardoso, policy consistency, credible institutions and effective coordination between fiscal and monetary authorities would be important in sustaining investor confidence.

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He said the government’s priority was to consolidate the gains from recent economic adjustments and translate them into higher investment, productivity and sustainable growth.

“Emerging economies must look beyond surviving crises and focus on building productive, competitive and resilient economies capable of withstanding future shocks,” he said.

Cardoso also called for greater African participation in the development of artificial intelligence, arguing that the continent should build the capacity to shape the technology’s opportunities and capture the economic value it generates.

He said he shared the CBN’s experience in monetary policy decision-making, transparency and communication at an IMF seminar on ‘Central Bank Decision-Making under Uncertainty’.

The governor also highlighted Nigeria’s efforts to deepen financial ties with Asian economies through engagements with the Monetary Authority of Singapore and the People’s Bank of China.

He said discussions with China’s central bank governor, Pan Gongsheng, covered cross-border payments, settlement systems, financial technology and trade finance.

According to Cardoso, Nigeria plans to build on the discussions during an upcoming visit to Beijing, with the aim of facilitating payments, supporting trade and investment, and strengthening financial intermediation between both countries.

He added that the CBN would continue to prioritise price stability, monetary discipline and financial system stability, with single-digit inflation remaining its medium-term objective.