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The banking sector and national economy

Godwin Uddin, Festus Ashogbon, Bolaji Martins, Omowumi Momoh, Hope Agbonrofo, Samson Alika and Kingsley Oserei

MPRA Paper from University Library of Munich, Germany

Abstract: The banks are central elements of a market economy. In more than one way, they facilitate business transactions by acting as depositor and lender for many actors in the domestic and international economy. The banking industry in Nigeria has expanded in size in terms of assets in the last 60 years since the country’s independence from British colonial rule and undergone large-scale reforms vis a vis transformation in the global economy. What are the dimensions of this growth? How has it affected market efficiency and economic wellbeing of the people? This article provides answers to these questions and argue that growth has indeed happened in the banking sector by a quantification of liquid assets, investment securities and loans. It also captured its transnational dimension and how that has boosted international transactions as well as repatriation of Diaspora transfers to the national economy. This article also focused on the contradictions of the economy arising from inconsistent policies of government and meddlesomeness of global financial institutions, and their impact on the banking sector. This article ends on a prescriptive note by suggesting ways to make the banking sector more relevant in promoting productive activities in the national economy.

Keywords: Banks; Banking; Asset; Currency; Economy; Nigeria (search for similar items in EconPapers)
JEL-codes: E0 E02 E4 E5 E50 E58 E6 G0 O1 O10 (search for similar items in EconPapers)
Date: 2021-01-21
New Economics Papers: this item is included in nep-afr, nep-fdg, nep-isf and nep-mac
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