Olayemi Cardoso, the apex bank governor, made this disclosure while presenting the 2024 half-year report of the bank’s activities to the Senate Committee on Banking, Insurance and Other Financial Institutions in Abuja on Friday.

This, according to Cardoso, is aimed at achieving sustainable growth in the financial markets that will result in overall economic stability.

He also guaranteed that once these policies start being implemented, then we can have a stable economy that will be strong enough to reach $1 trillion by 2030.

The commencement of the recapitalization exercise for commercial banks is another major indicator he cited which could position Nigeria towards achieving a $1trillion economy; other indicators include an increase in external reserves largely from oil related taxes and third party payments.

Moreover, while industry liquidity ratio has risen to 46.2 percent, NPL ratio decreased to 3.8 percent from non-performing loans due to better liquid assets as well as high-quality risk assets thus signifying a strong capital adequacy ratio of 12.2 per cent.

Culled from NigeriaNeye

• Politics
• Entertainment
• Sport
• Business
• Education

More business News

Borders now opened on short-term by FG, Traders ......

Tinubu launches Innoson CNG buses in Nigeria amids......

Nigerian port now a shipment hub for china to euro......

Oil prices rise due to widening war prediction in ......