On Tuesday in Abuja, the Central Bank of Nigeria (CBN) set a bold target: it will raise diaspora reserves to one billion dollars by 2026.
Cardoso Rallies Banks
Governor Olayemi Cardoso announced the plan at the 18th Annual Banking and Finance Conference, which the Chartered Institute of Bankers of Nigeria (CIBN) organised.
He explained that diaspora reserves now stand at 600 million dollars, but with deliberate steps already taken, the CBN expects to reach its goal within two years.
Moving forward, Cardoso stressed that banks must drive the effort.
“The framework is ready, and we have done everything required,” he said.
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“It is now over to the banks to make this happen.”
He then commended financial institutions for their role, pointing to Zenith, Access, and Fidelity among others.
According to him, their leadership not only propels the target but also strengthens the way Nigerians abroad perceive the country’s financial system.
“This initiative speaks volumes and makes a huge difference in how our people in the diaspora see us,” he added.
Conference Sets The Stage
Finally, the two-day conference carried the theme “The New Economic Playbook: The Intersection of Banking, Policy and Technology.”
Against this backdrop, the CBN’s pledge highlighted how banking reforms, technology, and diaspora engagement can shape Nigeria’s economic future.
