The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele Cardoso, has revealed that foreign investors contributed about 28% of the total investment in Nigeria’s recent bank recapitalisation programme. He made the disclosure on Wednesday while speaking at the Africa Capital Forum in London, alongside President Bola Ahmed Tinubu’s state visit to the United Kingdom.
Cardoso said the high level of foreign participation reflects renewed global confidence in Nigeria’s financial system and the broader economy. He noted that over 30 banks have already met the new minimum capital requirements, with verification ongoing for others, describing the recapitalisation outcome as a strong endorsement of ongoing monetary and financial reforms.
The CBN governor highlighted that recent policy measures have strengthened the resilience of Nigeria’s banking system, enhanced transparency in the foreign exchange market, and improved liquidity, making it easier for investors and businesses to operate.
He also pointed out improvements in key macroeconomic indicators, including declining inflation, increased exchange rate stability, and rising domestic investment, positioning Nigeria for sustained growth. Diaspora remittances, he said, have helped diversify the country’s foreign exchange reserves, making 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,” Cardoso said. He added that continued collaboration between monetary and fiscal authorities is critical to support sustainable growth and reinforce the effectiveness of ongoing reforms.
The governor assured that the CBN remains committed to maintaining financial stability, improving communication, and strengthening institutional frameworks. He also highlighted the Bank’s digital finance initiatives, emphasizing ongoing support for Nigeria’s fintech sector to drive financial inclusion and innovation across Africa.
Cardoso concluded that Nigeria’s macroeconomic reforms have shifted the country from stabilisation to capital mobilisation, making it an attractive destination for long-term investment and positioning its banking system as one of Africa’s strongest.
