The Governor of Nigeria’s Central Bank, Olayemi Cardoso, on Wednesday in Abuja said he remains committed to macroeconomic stability, credible monetary policy, and a transparent, data-driven regulatory framework that will strengthen the resilience of the nation’s banking system, while improving financial intermediation.
Cardoso spoke while hosting a delegation from British International Investment (BII), the development finance institution wholly owned by the UK Government through the Foreign, Commonwealth and Development Office (FCDO), with total assets of £9.9 billion supporting over 1,600 businesses across emerging markets.
The BII delegation, led by its Chair, Ms. Diana Layfield, alongside the British High Commissioner to Nigeria, Richard Montgomery, is in Nigeria as part of ongoing efforts to deepen financial sector reforms and attract long-term investment.
A statement by the CBN on Thursday night did not say whether the parley has anything to do with the ongoing recapitalisation of the nation’s banking sector, 20 years after a similar one was undertaken during the administration of Prof. Chukwuma Soludo as CBN Governor.
Investdata News notes that Wednesday’s meeting is coming barely two months away from the March 31, 2026 deadline given almost two years ago by the CBN for banks in the country to raise their capital base to N500 billion, N200 billion and N50 billion for banks with international, national and regional operating licences. The exercise is to position them to compete better in a fast globalising world following years of weakening of the Nigerian currency.
Indications are that about four banks currently operating in the country may face acquisition or forced merger given their current circumstances, even as most of the Tier 1 and two lenders have surpassed the given threshold.
Discussions at the meeting focused on developments in the financial services sector, BII’s investment outlook, and opportunities to deploy patient capital in support of banking sector stability, financial inclusion, and sustainable private-sector growth.
Development Finance Institutions providing long-term capital and strong governance, the CBN Governor noted, remain key partners in Nigeria’s reform agenda, while Ms. Layfield reaffirmed BII’s continued interest in Nigeria’s financial services sector.
She stressed the importance of regulatory clarity and sustained engagement to support investment and inclusive growth.
The meeting was attended by members of BII’s Board and Executive Management, including Mr. Leslie Maarsdorp, Chief Executive Officer; Andrew Alli, Non-Executive Director and former President of the African Finance Corporation (AFC); Simon Rowlands, Non-Executive Director; Chris Chijiutomi, Managing Director and Head of Africa; and Benson Adenuga, West Africa Regional Director and Head of the Nigeria Office, alongside senior officials of the British High Commission.
