Major Banking Investments Coming This Year, Says Cardoso

The governor of the Central Bank of Nigeria, (CBN), Olayemi Cardoso, has said that Nigeria’s banking sector is poised to attract significant investments this year as confidence in the country’s financial system continues to strengthen.

Cardoso disclosed this while speaking at the Founders’ Day Lecture of St. Gregory’s College in Lagos, where he also revealed that 30 banks have met the new capital base and it is currently verifying the capital base of the remaining banks.

According to him, renewed investor confidence in the banking sector is already becoming evident, noting that discussions with members of the global investment community suggest that major announcements could emerge in the course of the year.

“Unlike the past, when I visit overseas and talk to the investment community, there is a very strong inclination to invest within the banking system. To be frank, it has already started happening, and I think this year you will see some very major announcements in that respect,” he said.

The CBN governor explained that Nigeria’s financial system has grown considerably over the past two decades, with local banks expanding their footprint across several African markets and playing a key role in financing trade, infrastructure, entrepreneurship and investment.

However, he stressed that growth alone was insufficient without resilience, noting that as economies expand and financial systems deepen, institutions must also strengthen their capacity to support sustainable economic growth.

Cardoso said it was against this backdrop that the apex bank introduced the banking recapitalisation programme in 2024, describing the initiative as a strategic reform designed to ensure that the sector remains strong enough to support the scale of investments required for Nigeria’s economic transformation.

He said stronger capital buffers would deliver multiple benefits to the banking system, including protection against unexpected shocks, improved capacity for banks to extend credit to businesses, and enhanced confidence among depositors, investors and international partners.

“Strong capital brings three critical benefits. First, it protects banks against unexpected shocks. Two, it expands their ability to lend, supporting businesses and economic activity across the country. Third, it strengthens confidence amongst depositors, investors and international partners.

“I pleased that to report that progress across the banking sector has been steady and meaningful and as of today, March 12, 2026, 33 banks have successfully raised additional capital, and 30 have already met the new minimum capital requirements for their respective license categories. The remaining institutions are currently undergoing the central bank’s routine verification process in line with the established compliance timeline,” Cardoso stated.

He emphasised that confidence remains the cornerstone of financial stability, noting that the history of financial crises globally demonstrates how quickly trust can evaporate when financial institutions lack adequate buffers.

The CBN governor maintained that reforms being implemented by the apex bank are aimed at ensuring that Nigeria’s financial system remains stable, resilient and capable of supporting long-term economic growth.