FICAN National Chairman Urges Bold Reforms for Nigeria’s Economic Development

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Chima Titus Nwokwoji FICAN National Chairman

The Finance Correspondents Association of Nigeria (FICAN) has called for bold reforms for Nigeria’s economic development.

FICAN National Chairman, Chima Titus Nwokoji, emphasized the need for bold reforms to achieve Nigeria’s economic ambitions. “Nigeria’s ambition to become a $1 trillion economy by 2025 or 2026 requires bold reforms,” he stated.

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In his welcome address, at its 2024 conference, with the themed “Nigeria’s Journey Towards a $1 Trillion Economy: Impacts of Banks’ Recapitalization for Fintechs, Real Sector.” Nwokoji highlighted the importance of recapitalizing banks to enhance their capacity for financial intermediation, supporting fintechs and the real sector.

He noted that this would bring in approximately ₦3.3 trillion into the banking system.

However, concerns surround exchange rate fluctuations and regulatory pronouncements. Nwokoji questioned, “How strong are the macroeconomic indicators to ensure that we do not come back in the next 5 to 10 years to ask the banks to recapitalize again because their capital has been weakened by exchange rate volatility?”

This, according to him, calls for a combined effort of players from every sector of the Nigerian economy to make sure that those weak macroeconomic variables that are likely to impact the strength of our local currency are strengthened.

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