By Bassey Udo
The ongoing reforms in the Nigerian financial sector received high commendation among investors who described the exercise as credible.
Speakers at the Africa Capital Forum jointly hosted by the Central Bank of Nigeria (CBN) and the UK Foreign, Commonwealth and Development Office (FCDO) on the theme: “From Stabilisation to Capital Mobilisation” commended the reforms in the sector as instrumental to deepening Nigeria’s financial resilience and investor confidence.
The high-level forum attended by several global investors, development financiers, and fintech innovators for a strategic dialogue on the sector was held at The Peninsula London was on the sidelines of the State Visit of President Bola Ahmed Tinubu to the United Kingdom.
In his speech, the British Deputy High Commissioner to Nigeria, Mr. Jonny Baxter, said the United Kingdom remained one of Nigeria’s partners with links in banking and capital markets.
He urged the government to ensure that the next phase of the reforms should focus on converting renewed investors’ interest into long-term sustainable investments.
Baxter gave the assurance that the UK government would support the country’s economic transformation to enhance the economic relationship between Nigeria and Britain.
In her remarks, the President of the European Bank for Reconstruction and Development (EBRD), Madame Odile Renaud-Basso, praised Nigeria’s potential towards economic stabilisation, in terms of the growth of the population, the appetite, the investment of new technologies, and the ability of the people to embrace the new technologies.
The Head of West and Central Africa, UKEF, Steve Gray, in his contribution, noted that confidence was built through full fiscal transparency, adding that the reforms in Nigeria are providing transparency and building confidence.
“I want to see more reflection of the reality of Nigeria’s strengths so that more can be done to support Nigeria’s priorities,” Gray said.
Also speaking, the Managing Director (Policy Strategy and Delivery) of the European Bank for Reconstruction and Development (EBRD), Melis Ekmen Tabojer, said the recent reforms in the Nigeria economy have recorded a huge impact in attracting investors and how policies are made.
The Special Adviser to the President on Finance and the Economy, Mrs Sanyade, Okoli, who represented the Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, at the event, said the Nigerian government was seeking to drive the right quality of growth, which the government alone cannot fund.
“We need to work with partners who will bring the sticky, equity capital,” she noted.
Key sessions of the forum featured the CBN Deputy Governors, Dr. Muhammad Sani Abdullahi (Economic Policy) and Mr. Philip Ikeazor (Financial System Stability), among other subject matter experts, who examined repricing risks and the reopening of capital markets, Nigerian banks’ presence on the global stage, Fintech and the future of remittances.
They highlighted the rise of digital platforms, as well as regulation, risks, and resilience.
The Central Bank Deputy Governor (Economic Policy), Dr Muhammad Sani Abdullahi, emphasised the level of stability achieved by the CBN, noting that net and gross reserves were high, with foreign reserves at over $50bn, foreign exchange market stabilised, and inflation falling, but cautiously.
Also speaking, the Bank’s Deputy Governor in charge of Financial System Stability, Mr Philip Ikeazor, said that all the reforms that have been put in place cut across stakeholders, ensuring that even at the end of the current administration, people would see the need not to reverse these reforms.
In their respective interventions, the Managing Director/CEO of First Bank), Segun Alebiosu; MD/CEO of the United Bank for Africa (UBA), Oliver Alawuba; MD/CEO of GTCO, Miriam Olusanya; MD/CEO of First City Monument Bank, Yemisi Edun; MD/CEO of Access Bank, Roosevelt Ogbonna, and the Executive Director of Zenith Bank, Akin Oguranti, who represented the bank’s Managing Director, all commended the banking reforms in Nigeria.
They noted that the reforms have increased confidence in the economy and allowed the banks to fund more projects locally.
Over the past two years, Nigeria has undertaken significant monetary and structural reforms aimed at stabilising its macroeconomic environment.
Under the leadership of CBN Governor, Olayemi Cardoso, inflation has dropped sharply from 34 percent to 15 percent, while exchange rate volatility has eased, and foreign reserves have risen above $50 billion.
Also, banking recapitalisation and foreign exchange market unification have further strengthened trust in policy consistency.
The Forum assessed the impact of these reforms and highlighted new opportunities for long-term capital mobilisation and diaspora investment.
Framed around three pillars, namely Nigeria’s macroeconomic reset, strengthening the financial system, and mobilising global and diaspora capital, the Africa Capital Forum seeks to build stronger bridges among Abuja, London, and the global financial community.
