Financial Titans Set to Tackle Nigeria’s $1 Trillion Ambition at Key Industry Conference
The Nigeria Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN), and a host of leading financial institutions are set to convene to discuss the impact of the ongoing recapitalisation drive on the real sector at the 2024 Finance Correspondents Association of Nigeria (FICAN) conference. The event, aimed at addressing Nigeria’s bold aspiration to become a $1 trillion economy, will be held from September 28 to 29.
In a statement on Monday, FICAN revealed that the theme of the conference, “Nigeria’s Journey Towards $1 Trillion Economy: Impact of Banks’ Recapitalisation, Opportunities for Fintechsand the Real Sector”, would drive discussions on the role of the financial sector in the nation’s economic transformation. Among the high-profile speakers at the event are Hassan Bello, Managing Director and CEO of NDIC, who will deliver the keynote address, alongside UBA CEO Oliver Alawuba and Mustafa Chike-Obi, Chairman of the Bank Directors Association of Nigeria (BDAN).
Panel sessions will include prominent stakeholders from the Central Bank, the Nigeria Sovereign Investment Authority (NSIA), the Nigeria Inter-Bank Settlement System (NIBSS), and the Development Bank of Nigeria (DBN), all focused on unpacking the implications of the CBN’s recent recapitalisationpolicy.
Announced in March, the CBN’s policy requires banks to meet significantly higher capital thresholds by April 2026, prompting institutions to explore mergers, acquisitions, and capital injections. Speaking ahead of the conference, Bello underscored the necessity of recapitalisation, describing it as “essential for building a resilient financial system that can drive sustained economic growth.”
The gathering will also provide a platform for analysing the opportunities that fintech companies can harness as part of Nigeria’s financial evolution, with an emphasis on their potential role in boosting the real economy.
FICAN, which represents over 150 financial journalists across the country, stressed the importance of the annual conference as a means of equipping reporters with the insights needed to cover critical shifts in the financial landscape. The body reiterated its commitment to fostering informed, analytical reporting on economic policies that shape Nigeria’s financial sector.
“This conference is an opportunity to deepen our members’ understanding of key economic policies and trends while fostering a dialogue that supports quality reportage and critical analysis in the media,” the association stated.
Collaboration between the CBN, NDIC, and the Securities and Exchange Commission (SEC) has been ramped up to streamline the bank recapitalisation process, ensuring greater efficiency and transparency in the sector’s reform efforts.
