The Federal Government has been advised that for the country to achieve the projected $1tn economy, it needs to grow beyond the banking sector.
This was stated by the Group Managing Director of Afrinvest, Chioke Ike, at the launch of its 2024 Banking Sector Report, themed Recapitalisation: Catalyst for a $1 Trillion Economy?’
The apex bank ahead of announcing the new capital requirements of the banks said that the banks needed to be stronger and more stable to be able to drive the $1tn economy projected by President Bola Tinubu.
Chioke emphasised that while the recapitalisation exercise would enhance the capacity of banks to serve the larger economy, increase lending capacity, attract foreign investments, and promote better risk management, the banking sector alone cannot drive economic growth.
“To achieve a $1tn economy, Nigeria needs to grow beyond the banking sector. Every aspect of the economy must grow alongside it,” he said.
He highlighted the need for human capital development, citing the example of Mexico, Indonesia, and Turkey, which have achieved higher GDP per capita and human capital indices.
“Nigeria needs to invest in its people to achieve similar growth. We must prioritise human capital development to achieve a $1tn economy.
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