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Nigeria’s banking sector has emerged from its most significant reform cycle as a formidable driver of capital mobilisation, with 32 banks successfully meeting new regulatory capital requirements and an impressive 72 per cent of the funds raised domestically.

What began as a debate centred on compliance—focused on which institutions would meet the recapitalisation thresholds and within what timeframe—has now evolved into a broader economic conversation. At the inaugural convening of the Africa Capital Forum held in London on Tuesday, attention shifted decisively to the transformative potential of a recapitalised banking sector in powering Nigeria’s ambition of building a $1 trillion economy.

The consensus among top banking executives gathered at The Peninsula London, on the sidelines of President Bola Ahmed Tinubu’s UK state visit, was unequivocal: Nigeria’s strengthened financial institutions are now well-positioned to drive large-scale economic growth.

Setting the tone for the discussions, Akin Ogunranti, Executive Director of Zenith Bank, emphasised the significance of domestic participation in the recapitalisation process.

He noted that raising over 72 per cent of the capital locally reflects not just a milestone achievement, but also signals deepening capital markets, growing investor confidence, and a solid foundation for sustainable, internally driven economic expansion.

Governor of the Central Bank of Nigeria, Olayemi Cardoso, underscored the magnitude of the transformation within the banking sector. He stated that Nigerian banks now play a dominant role both across Africa and in the United Kingdom, effectively serving as ambassadors of the nation’s financial system.

According to him, the emergence of a recapitalised banking framework marks a clear departure from the past, describing the old financial system as “dead and buried” and replaced with a new order characterised by enhanced liquidity and transparency.

The broader economic implications of this transformation were extensively examined during the forum. Yemisi Edun, Managing Director of First City Monument Bank, highlighted that recapitalisation has directly expanded credit access for businesses, thereby boosting the capacity of industries to operate and grow with increased credibility.

Reinforcing the global dimension of Nigeria’s banking evolution, Segun Alebiosu, Managing Director of First Bank of Nigeria, explained that ongoing currency reforms will enable Nigerian banks to handle larger international transactions and attract new investments. He further revealed that Nigerian banks collectively maintain at least seven operational footprints within the United Kingdom alone.

The scale of Nigerian banks’ continental and international reach was further illustrated by Oliver Alawuba of United Bank for Africa, who disclosed that over 65 per cent of the bank’s revenue is now generated from outside Nigeria. This, he noted, positions Nigerian banks to deepen their impact across Africa.

This outward expansion is not incidental but central to Nigeria’s $1 trillion economy ambition. Miriam Olusanya, Managing Director of Guaranty Trust Bank, pointed to the restoration of correspondent banking relationships as a critical structural advancement.

She observed that renewed confidence in the system is driving the growth of these relationships, which are essential for facilitating cross-border trade, attracting foreign investment, and enabling Nigeria’s participation in global capital markets at scale.

From a policy standpoint, Sanyade Okoli stressed that government alone cannot finance the scale of growth envisioned. She noted the necessity of partnerships with investors capable of providing long-term, “sticky” equity capital—an objective now achievable through a recapitalised and globally credible banking system.

In his closing remarks, Governor Cardoso placed the sector’s transformation within a broader macroeconomic context, highlighting a period of sustained stability.

He described the current environment as one of the most consistent in recent years and expressed confidence that this trajectory would be maintained.

The Africa Capital Forum was convened by the Central Bank of Nigeria in partnership with the UK Foreign, Commonwealth and Development Office and hosted by Lukwesa Burak.

The forum received support from major financial institutions including Access Bank, First City Monument Bank, First Bank of Nigeria, Goldman Sachs, Guaranty Trust Holding Company, J.P. Morgan, Nigerian Exchange Group, United Bank for Africa, and Zenith Bank.

As an independent institutional platform, the Africa Capital Forum is dedicated to advancing strategic dialogue on capital mobilisation, financial system development, and investment flows into Africa.

It brings together senior leaders from global financial institutions, development finance organisations, central banks, and the private sector to interrogate the policy and market dynamics shaping the continent’s economic trajectory.