The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has announced plans to engage with key stakeholders regarding the Central Bank of Nigeria’s (CBN) recently unveiled policy on bank recapitalisation. This policy mandates an increase in the capital base of Tier 1 and Tier 2 banks to N500 billion and N200 billion, respectively.
In a public statement outlining NACCIMA’s response to the new guidelines, Dele Kelvin Oye, the National President of the association, emphasized a careful and thorough approach. He assured that the association would consider all implications of this policy shift, not only for the banking sector but also for the broader economy.
Oye indicated that NACCIMA intends to have discussions with various stakeholders, including financial experts, government representatives, and other business groups. The association is awaiting the final and complete details of the policy framework, which are expected to be provided by the CBN and the government.
According to Oye, while NACCIMA understands the significance of the policy in strengthening the financial system, it remains cautious until a full understanding of the policy’s objectives is attained. The association is committed to ensuring that any response reflects a balanced perspective on the potential impact of these changes on the overall economic environment.
“It is important that we approach this matter with care, prudence, and well-informed analysis. We will not form a final opinion on the policy until we have access to all the relevant details from the CBN and the government,” Oye stated.
He further reiterated that NACCIMA’s main focus is to protect the interests of the private sector and ensure that the policy aligns with the broader economic goals of stability and growth.
“We are committed to working collaboratively with all stakeholders, ensuring that the discussions around this policy are productive and based on accurate, comprehensive information,” Oye concluded.
