Nigeria Deposit Insurance Corporation (NDIC) has said that for Nigeria to achieve the goal of $1 trillion economy by 2026 there must be a robust collaboration between banks and Fintech companies to drive real sector growth.
Speaking in Lagos at the Finance Correspondents Association of Nigeria (FICAN) 2024 annual conference on Saturday, Managing Director of NDIC, Bello Hassan highlighted the critical role of the banking sector’s ongoing recapitalisation in bolstering economic resilience.
Hassan noted that enhancing the capacity of Nigerian banks to absorb economic shocks is crucial for supporting the country’s ambitious growth target.
“Strong and well-capitalised banks are essential to advancing the current administration’s vision of growing Nigeria’s economy to $1 trillion,” he said.
He stressed that banks, in partnership with fintechs, must provide accessible and affordable financing to the real sector, which includes agriculture, manufacturing, and services.