Cardoso to Speak on Nigerian Banks’ Recapitalisation at UK NBCC Trade Mission

By Adedapo Adesanya 

The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has been scheduled to speak on the impact of the recapitalisation of Nigerian Banks during the Nigerian-British Chamber of Commerce (NBCC) trade mission to the United Kingdom between June 24 to 28, 2024.

In March, the CBN announced an upward review of the minimum capital requirements for the commercial, merchant, and non-interest banks in Nigeria aimed at strengthening the Nigerian financial system and achieving a $1 trillion economy in Nigeria’s gross domestic product (GDP) terms by 2030.

According to NBCC, the 45th trade mission themed, Unveiling Untapped Trade Opportunities Across the UK & Nigeria,” is to attract Foreign Direct Investment (FDI).

The President and Chairman of the Council of NBCC, Mr Ray Atelly, said that the theme was apt, coming at a time when the economy of the country needed a rebirth, especially via an influx of foreign direct investments.

He said that the NBCC trade mission stands as a beacon of opportunity, aimed at attracting foreign investments to Nigeria with a focus on non-oil sectors.

He said as Nigeria navigates challenging economic conditions due to the decline in global oil prices, it has become imperative to diversify the economy and reduce dependence on crude oil.

“The 2024 NBCC Trade Mission promises to be a landmark event in our bilateral relations, opening doors to new opportunities and fostering a deeper economic partnership.

“The mission is a significant component of the Chamber’s efforts to promote bilateral trade and build stronger economic ties between Nigeria and Britain.

“The Trade Mission would feature a Business Roundtable at the Nigeria High Commission; Nigeria Investment Summit; hosting the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, on the “Impact of the Recapitalisation of Nigerian Banks”; Business to Business Meetings British Chambers of Commerce: Global Annual Conference; SMEs Exhibitions; Company visits/Tour Networking and Gala Night,” Mr Atalley said.