Several key financial institutions, including the Nigeria Deposit Insurance Corporation (NDIC), Central Bank of Nigeria (CBN), Bank of Industry (BoI), United Bank for Africa (UBA), and Access Holdings Plc, have pledged their support for the 2024 Finance Correspondents Association of Nigeria (FICAN) conference. The event will focus on Nigeria’s push toward achieving a $1 trillion economy, highlighting the role of bank recapitalization and opportunities for fintech and the real sector.
The conference, titled “Nigeria’s Journey Towards a $1 Trillion Economy: Impact of Banks’ Re-capitalization, Opportunities for Fintechs and the Real Sector,” will take place from September 28-29, 2024, at Orchid Hotels in Lekki, Lagos. The discussions will be centered on how the federal government’s $1 trillion target can be realized, especially with banking reforms and fintech innovations.
The NDIC, a strong advocate of the CBN’s bank recapitalization policy, has expressed confidence that these reforms will strengthen Nigeria’s economic resilience. The CBN issued a circular on March 28, 2024, mandating new capital requirements for commercial, merchant, and non-interest banks, effective April 2026. In response, many banks are preparing to meet the new standards by raising fresh equity, exploring mergers and acquisitions, or adjusting their license authorizations.
The Bank of Industry (BoI) reaffirmed its commitment to supporting local businesses, particularly in key sectors that drive GDP growth. BoI’s efforts align with the government’s vision for a more robust and diversified economy, with a focus on sectors like agriculture, manufacturing, and technology.
Hassan Bello, the Managing Director/CEO of NDIC, will deliver the keynote address at the conference, while notable guest speakers include Oliver Alawuba, the Managing Director/CEO of UBA, and Mustafa Chike-Obi, Chairman of the Bank Directors Association of Nigeria (BDAN).
A panel discussion featuring representatives from the CBN, Nigeria Sovereign Investment Authority (NSIA), Nigeria Inter-Bank Settlement System (NIBSS), Bank of Industry, Parthian Partners, and Development Bank of Nigeria will further explore the strategies required to meet the federal government’s ambitious economic target.
FICAN, an organization representing over 150 financial journalists across print, broadcast, and online media, will use this conference to enhance the capacity of its members. The annual event is designed to deepen journalists’ understanding of economic developments, improve the quality of financial reporting, and set the agenda for financial discourse in Nigeria.
With strong support from the financial sector, this year’s FICAN conference promises to be a crucial platform for discussing Nigeria’s economic future and the role that banking, fintech, and local businesses will play in achieving a $1 trillion economy.
