The Finance Correspondents Association of Nigeria (FICAN) has garnered significant support from key players in the banking and financial sectors ahead of its 2024 annual conference, aimed at dissecting Nigeria’s ambitious $1 trillion economy target.
With backing from the Nigeria Deposit Insurance Corporation (NDIC), Central Bank of Nigeria (CBN), Bank of Industry (BoI), United Bank for Africa (UBA), Access Holdings plc, and other financial institutions, the conference is poised to provide critical insights into the economic agenda of the federal government.
Themed *”Nigeria’s Journey Towards $1 Trillion Economy: Impact of Banks’ Recapitalization, Opportunities for Fintechs, and Real Sector Development,”* the conference will take place from September 28-29, 2024, at Orchid Hotels in Lekki, Lagos. Key discussions will focus on the role of bank recapitalization, fintech opportunities, and the contribution of the real sector to Nigeria’s economic aspirations.
As part of its ongoing support for the CBN’s banking reforms, the NDIC has welcomed the apex bank’s decision to recapitalize commercial, merchant, and non-interest banks. The move, according to NDIC, will contribute to building a resilient and stable economy, capable of meeting the federal government’s ambitious goals.
On March 28, 2024, the CBN issued a new recapitalization policy, effective from April 1, 2026. This policy outlines a higher minimum capital requirement for banks, aimed at boosting their capacity to finance large-scale projects and support the real sector. To meet these new standards, Nigerian banks are considering a range of strategies, including raising fresh equity capital through private placements, rights issues, mergers and acquisitions (M&As), or adjusting their license authorization in cases where compliance may prove challenging.
The Bank of Industry (BoI), known for its unwavering support of local businesses, has reiterated its commitment to backing critical sectors of the economy that drive Gross Domestic Product (GDP) growth.
Hassan Bello, Managing Director/CEO of NDIC, will deliver the keynote address at the conference. Other notable speakers include Oliver Alawuba, Managing Director/CEO of UBA, and Mustafa Chike-Obi, Chairman of the Bank Directors Association of Nigeria (BDAN). The event will also feature a panel discussion with representatives from the Central Bank of Nigeria, Nigeria Sovereign Investment Authority (NSIA), Nigeria Inter-Bank Settlement System, Bank of Industry, Parthan Partners, and Development Bank of Nigeria.
The FICAN conference is a flagship initiative designed to build capacity among financial journalists and provide an agenda-setting platform to explore economic developments. With over 150 journalists from print, broadcast, and online media, FICAN seeks to enhance the quality of financial reporting in Nigeria through this annual event.
As Nigeria pushes towards its $1 trillion economy goal, this year’s FICAN conference will shine a spotlight on the critical reforms and innovations needed to navigate the path to economic resilience.
