The Nation Newspaper Implications of cbn’s bank recapitalisation policy(2)
About 1month ago , I wrote part 1 of the above topic, adding my voice to the decision of the Central Bank of Nigeria to recapitalize Nigerian Banks in order to strengthen the Banks, consolidate the sector and rein fence it from present and potential risks and threats
I am of the opinion that the Banking reform and recapitalization policy by the CBN will support the achievement of President Tinubu’s vision and mission-critical objective of establishing a credit-driven economy. This is not losing sight of the very important critical informal sector which actually drives 80% of Nigeria’s economy. Therefore, the boost in capacity should also reflect and be evident in the Banks’ support for Nano, Micro, Small, and Medium Scale Enterprises . Even though I have stated this is Part 1 of this Column, the importance of supporting the MSMEs and the informal sector of the economy by Nigerian banks cannot be over-emphasized.
How will banks support the Federal Government, going forward, especially with regard to the informal sector sustainability is very important. How are the Banks really giving Bank to Nigeria – which made them, the economy of Nigeria that built them to the extent that they have Branches in the UK, USA, etc? Citizens cannot walk into Banks and get reasonable credit lines for their MSMEs.
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