The Nigeria Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN), the Bank of Industry (BoI), the United Bank for Africa, Access Holdings plc and a host of other banking and financial institutions are set to explore the opportunities and challenges of $1trn economy.
This comes as they have thrown their weight behind the 2024 conference of the Finance Correspondents Association of Nigeria (FICAN) featuring discussions on the ambitious $1 trillion economy target of the federal government of Nigeria.
The theme of the conference is Nigeria’s Journey Towards $1 Trillion Economy: Impact of Banks’ Recapitalisation, opportunities for Fintechs and Real Sector scheduled to be held between 28 and 29th September 2024 in Lagos.
The NDIC has been a supporter of the CBN over its move to recapitalise banks, saying the apex bank’s decision will achieve economic resilience in the country.
The CBN on March 28, 2024, issued a circular announcing a new recapitalisation policy for commercial, merchant, and non-interest banks in Nigeria, effective from April 1, 2026.
To meet the latest minimum capital requirements, banks have been considering the following options: inject fresh equity capital through private placements, rights issues, and/or offer for subscription; mergers and acquisitions (M&As) and upgrade or downgrade of licence authorisation in the event lenders cannot meet up with the new rules of engagement.
Read also: Stakeholders divided over proposed NDIC Amendment Bill
The Bank of Industry (BoI) has been committed to backing steadfast local businesses, emphasising the bank’s dedication to supporting critical sectors that are contributing to Gross Domestic Product (GDP) growth.
The keynote address will be delivered by Hassan Bello, managing director/CEO NDIC while the guest speakers are: Oliver Alawuba, managing director/CEO UBA and the Chairman, Bank Directors Association of Nigeria (BDAN) Mustafa Chike-Obi.
According to a statement made available to journalists by the executive of FICAN, there will be a panel discussion in which representatives of the following organisations will participate: Central Bank of Nigeria, Nigeria Sovereign Investment Authority (NSIA), the Nigeria Inter-Bank Settlement System, Bank of Industry, Parthian Partners and Development Bank of Nigeria
FICAN is the umbrella body of journalists and business editors reporting on the financial sector of the Nigerian economy. The Association has a membership of over 150 journalists working in print, broadcast and online media platforms.
The annual conference is a capacity-building and agenda-setting forum, designed to deepen financial journalists’ understanding of developments in the economy and enhance quality of reportage.
The conference is a critical capacity-building project of the Association, aimed at elevating the practice of financial journalism in the country.
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