The Nigeria Deposit Insurance Corporation (NDIC) has confirmed that approximately 99% of depositors in Nigerian banks are fully covered under its enhanced deposit insurance scheme. This announcement was made by the Managing Director/Chief Executive, Mr. Thompson Sunday, during the NDIC Special Day at the 47th Kaduna International Trade Fair. The purpose of this communication is to reassure the public about the safety and security of their funds in the banking sector.

At the trade fair, which was organized by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, Mr. Sunday highlighted that the theme of the event, 'From Reforms to Results: Economic Transformation through Sustained Local Content Development', aligns with ongoing reforms in Nigeria’s financial sector. These reforms are intended to yield tangible benefits for Nigerians, enhancing the overall stability and reliability of financial institutions in the country. The substantial coverage of depositors is a key aspect of this strategy, aiming to bolster public confidence in the banking systems.

In addition to discussing deposit insurance, Mr. Sunday praised the Kaduna Chamber for hosting the trade fair consistently over the years, asserting that the event serves as a crucial facilitator of innovation, business networking, and financial sector awareness. The ongoing efforts by the NDIC and the positive collaborations with local entities like the Kaduna Chamber are vital for driving economic growth and development across Nigeria, particularly in fostering a supportive environment for local businesses and depositors alike.