The Centre for the Promotion of Private Enterprise (CPPE) has applauded the Central Bank of Nigeria (CBN) for the smooth execution of its bank recapitalisation programme, noting that 32 banks have met the new capital requirements.
CPPE’s Executive Director, Muda Yusuf, said the process was orderly and strengthened confidence in the banking system, with no depositor losses, forced mergers, or job cuts.
He added, “This marks a significant improvement over past consolidation episodes and underscores the growing resilience within the banking system.”
However, the group raised concerns about limited lending to the real economy. It noted that private sector credit remains low at about 17 percent of Gross Domestic Product, with SMEs receiving only around one percent of total credit.
CPPE urged the CBN to introduce reforms that will boost lending, improve access to finance, and ensure the banking sector supports broader economic growth.
