Unveiling the Secrets: What Banks Actually Do with Your Money
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Sterling Bank Celebrate One Year Of Africa’s Groundbreaking Core Banking System
This system, designed and built in Africa, has achieved significant milestones since…
THE ROLE OF CENTRAL BANKS IN ECONOMIC STABILITY
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Access to Credit in Nigeria: Boon or Trap?
Fatima runs a small bukka on the outskirts of Ilorin. Every morning,…
In a week, banks borrowed N3 trillion from the CBN – Report
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Sterling Bank recognized for its impact on MSME
In three categories, the bank won: DMB with the highest impact on…
74% of respondents anticipated a July CBN rate drop.
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FirstBank funds 600 women’s VVF procedures.
In addition to the operation and kits for aftercare, the bank launched…
Beyond banking, Nigeria needs to develop a $1 trillion economy, according to Afrinvest.
At the 2024 Banking Sector Report's unveiling, which had as its theme "Recapitalization: Catalyst for a $1 Trillion Economy?" Afrinvest's Group Managing Director, Chioke Ike, made this declaration. Prior to revealing the revised bank capital requirements, the apex bank stated that stronger and more stable banks were necessary to power President Bola Tinubu's anticipated $1 trillion economy. Chioke underscored that although the recapitalization initiative would augment banks' ability to cater to the broader economy, augment lending capacity, draw in foreign investments, and foster improved risk mitigation, the banking industry in isolation cannot propel economic expansion. In order to reach a $1 trillion economy, Nigeria must expand its banking industry. The economy must expand in all directions, he said. Citing Mexico, Indonesia, and Turkey as examples, which have attained greater GDP per capita and human capital indices, he emphasized the necessity of human capital development. "For Nigeria to have comparable growth, it must invest in its people. To reach a $1 trillion economy, we need to give human capital development first priority. The macroeconomic climate is difficult, and a nationwide strike may soon break out. He pointed out…