Banking Reforms in Nigeria and Its Impact on the Economy.
Banking reforms in Nigeria started in July, 2004 and climaxed in August 2009 and beyond. Prior before the reforms, developments in the banking sector indicated a mixed trend in the performance of banks.
Bank of Nigeria, introduced reforms that will bring sanity to the Banking sector and bring into existence stronger, more viable and more versatile banking institutions in Nigeria.
Banking Sector Reform in Nigeria had been introduced in 2004. The government aimed to establish a reliable and efficient banking sector so that it could guarantee the safety of the depositors’ money.
The recent banking sector reforms in Nigeria are a component of the general financial sector reforms which started since 1986 during the Structural Adjustment Programme (SAP). Generally, banking sector reforms in Nigeria have been embarked upon to achieve market liberalization in order to promote efficiency in resource.
Bank reforms have played a role in the performance of banks in Nigeria. The pu rpose of the study was to access the effects of the reforms on the perf ormance of banks in Nigeria. The data required.
Nnanna (2004) stated that, the banking sector reforms by Central Bank of Nigeria was intended to address issues raised specifically to strengthen the banking system with the vision to make Nigeria the financial hub of Africa; and practically reposition Nigerian banks to compete favorably with foreign banks.
It notes four eras of banking sector reforms in Nigeria, viz.: Pre-SAP (1970-85), the Post-SAP (1986-93), the Reforms Lethargy (1993-1998), Pre-Soludo (1999-2004) and Post-Soludo (2005-2006).
In view of the consolidation exercise which began in 2004 and the subsequent reform efforts, Alford (2010) concludes that the Nigerian banking industry has a potential to create opportunities for.
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The banking reform required banks in Nigeria to have a minimum capital based of N25billion. This shows that a number of existing banks had to consolidate their capitalization through Merger and Acquisition. Affected banks were therefore required to make strategic decisions on how to consolidate.
Banking in Nigeria from 1990 till date: main events. The history of banking in Nigeria started in the colonial era. But, let’s stay on our topic and begin to mention some significant years in the modern Nigerian banking history, from 1990 till date.
The World Bank is helping to fight poverty and improve living standards for the people of Nigeria with more than 130 IBRD loans and IDA credits since 1958. A key regional player in West Africa, Nigeria accounts for about half of West Africa’s population with approximately 202 million people and one of the largest populations of youth in the.
Nigeria banking reform can be divided into two main phases, 2004 and 2009. Each phase had significant economic effects: Banking Reform of 2004 and its effect ( edit ) This reform focused on bank consolidation through the mechanism of merger and acquisition.
