Nigeria’s banking sector has emerged from its latest recapitalisation exercise larger, stronger, and more structured. In total, about N4.65 trillion (about $3.3bn) was raised, strengthening capital buffers and reinforcing balance sheets across the industry. A new tiered framework, anchored by a mezzanine layer, now defines how banks position themselves within the system. However, these gains in scale and structure do not automatically translate into effective credit to the real economy.