Following the economic crisis in the country, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture said it will consult with stakeholders and await the disclosure of the complete policy framework from the CBN and the government.

Dele Oye, the National President of NACCIMA revealed this in a statement on Sunday.

Oye said it was imperative to highlight NACCIMA’s approach to this matter as one of caution, prudence, and thorough analysis.

From the news gathered on Thursday, the association unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500bn.

Oye, the NACCIMA boss, said, “In response to the specific query regarding NACCIMA’s stance on the recent CBN policy directive to raise Tier 1 and 2 Banks capital base to N500bn and N200bn respectively. It is imperative to highlight NACCIMA’s approach to this matter as one of caution, prudence, and thorough analysis.

“As such, we intend to engage in consultations with our stakeholders and await the disclosure of the complete policy framework from the CBN and the government. This approach is essential to ensure a well-informed response that considers the intended macroeconomic objectives that the capitalization increase seeks to address.” Oye added.

He stressed that NACCIMA acknowledged the significance of policy shift within the banking sector and its potential implications on the broader macroeconomic landscape.

“While recognising the importance of maintaining a robust banking system, we are currently unable to provide a comprehensive commentary on the policy without access to the full details and context surrounding the CBN’s decision. NACCIMA’s dedication to safeguarding the interests of private citizens and promoting the public good remains unwavering.” Oye stated.

According to him, NACCIMA refrains from offering a definitive opinion on the policy at this moment until “a thorough understanding of the objectives and implications are outlined by the regulatory authorities.

“Our organisation stands ready to engage constructively with all relevant parties to facilitate a nuanced and informed discourse on this critical issue.” He concluded.

Also speaking, Mr Wale Oyerinde, the Director General of the Nigeria Employers Consultative Association, noted that, “We commend the CBN for its ongoing efforts at repositioning the banking sector to fulfill its critical and core role of economic facilitator.

“Not only is the recapitalization necessary, the timeline of 24 months is also commendable. This action will strengthen the banks to withstand financial shocks and also hasten the growth of other sub-sectors that depend on the banks for growth.”