Gideon Arinze in Enugu
The Central Bank of Nigeria (CBN) has said that foreign investment is playing a growing role in Nigeria’s economic recovery, with about 28 per cent of funds in the ongoing bank recapitalisation exercise coming from offshore sources.
The apex bank disclosed that a total of 32 banks had met the new capital requirements as of March 17, 2026, ahead of the March 31 deadline.
Acting Director, Corporate Communications and Investor Relations Department of the CBN, Hakama Sidi-Ali, made this known at the CBN Special Day at the 37th Enugu International Trade Fair.
She said that the strong foreign participation reflects renewed investor confidence in Nigeria’s financial system and supports broader economic growth objectives.
Sidi-Ali noted that the recapitalisation progress is part of ongoing reforms by the CBN under the leadership of its Governor, Olayemi Cardoso, aimed at strengthening the economy against external shocks.
“The CBN is also transitioning to inflation targeting as part of efforts to build a more transparent, rules-based monetary policy framework anchored on long-term price stability,” she said.
According to her, the policy will help shape market expectations, limit the disruptive effects of supply-side shocks, and improve the effectiveness of monetary policy.
Earlier, President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Nnayelugo Onyemelukwe, commended the CBN’s reforms for improving business confidence and stability in the financial sector.
However, he expressed concern over the high interest rate, noting that despite a reduction from 27.00 per cent to 26.50 per cent in February 2026, the rate remains high and should be lowered to single digits to support businesses.