banking reforms and its impact in the economy
Central Bank of Nigeria
BANKING REFORM AND ITS IMPACT ON
THE NIGERIAN ECONOMY
Sanusi Lamido Sanusi, CON
Governor
Central Bank of Nigeria
Being a Lecture delivered at the University of Warwick’s Economic Summit, UK
17th February, 2012
Prepared by the Research Department of the Central Bank of Nigeria
Protocol
1.
It is a great honor to be invited to address the Warwick Economic
Summit, which has become one of the largest academic conferences in Europe. I wish to commend the entire students and staff of the
University of Warwick for inviting me to share my experiences at the
Central Bank of Nigeria (CBN). I am highly delighted to be part of this summit where top policymakers, professionals and technocrats around the world meet to debate and exchange views on contemporary economic issues. The outcomes of the Summit had continued to inspire policymakers in designing proactive micro and macroeconomic management policies for solving emerging economic problems in both developed and developing countries. It is against this backdrop that I urge you to sustain the Annual Summit. My address today will focus on
“Banking Reforms in Nigeria and Its Impact on the Economy”. As you may all be aware, the banking sector in Nigeria has recently witnessed significant reforms and hard choices have had to be made to tackle the lingering effects of the global financial crisis, which culminated in the contraction of some banks’ balance sheets with the attendant economic losses. I am pleased to note that these problems have been surmounted through series of reforms undertaken by the Central Bank of Nigeria.
Introduction
2.
Generally, the financial system is more than just institutions that facilitate payments and extend credit. It encompasses all functions that direct real resources to their ultimate user. It is the central nervous system of a market economy and contains a number of separate, yet co-dependent, components all of which
BANKING REFORM AND ITS IMPACT ON
THE NIGERIAN ECONOMY
Sanusi Lamido Sanusi, CON
Governor
Central Bank of Nigeria
Being a Lecture delivered at the University of Warwick’s Economic Summit, UK
17th February, 2012
Prepared by the Research Department of the Central Bank of Nigeria
Protocol
1.
It is a great honor to be invited to address the Warwick Economic
Summit, which has become one of the largest academic conferences in Europe. I wish to commend the entire students and staff of the
University of Warwick for inviting me to share my experiences at the
Central Bank of Nigeria (CBN). I am highly delighted to be part of this summit where top policymakers, professionals and technocrats around the world meet to debate and exchange views on contemporary economic issues. The outcomes of the Summit had continued to inspire policymakers in designing proactive micro and macroeconomic management policies for solving emerging economic problems in both developed and developing countries. It is against this backdrop that I urge you to sustain the Annual Summit. My address today will focus on
“Banking Reforms in Nigeria and Its Impact on the Economy”. As you may all be aware, the banking sector in Nigeria has recently witnessed significant reforms and hard choices have had to be made to tackle the lingering effects of the global financial crisis, which culminated in the contraction of some banks’ balance sheets with the attendant economic losses. I am pleased to note that these problems have been surmounted through series of reforms undertaken by the Central Bank of Nigeria.
Introduction
2.
Generally, the financial system is more than just institutions that facilitate payments and extend credit. It encompasses all functions that direct real resources to their ultimate user. It is the central nervous system of a market economy and contains a number of separate, yet co-dependent, components all of which