Nigeria, April 16 -- The Central Bank of Nigeria has reiterated that the ongoing banking sector recapitalisation is essential for Nigeria's ambition to become a $1 trillion economy, describing the programme as a strategic response to evolving economic realities and global financial shifts.

Speaking on Monday at a seminar for finance correspondents and business editors, in Abuja, the Director at the CBN's Banking Supervision Department, Olubukola Akinwunmi, said the capital upgrade is not only timely but necessary to ensure banks remain robust enough to support national development targets.

"As Nigeria moves towards becoming a $1 trillion economy, the capacity of banks to support this growth trajectory becomes essential," Mr Akinwunmi sa...