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Nigeria: Foreign Banks Are Absent in Nigeria. We Tracked Down Why
The Conversation Africa, 28 August 2022
Privately owned Nigerian banks hold 94% of Nigerian banking assets. Only one other country in the world - Israel - has a higher share of ownership by local banks. The share of… Read more »
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Nigeria: N53.3 Trillion Banking Sector Contribution Excites Osinbajo
This Day, 6 March 2022
Vice-President Yemi Osinbajo has lauded the Chartered Institute of Bankers of Nigeria (CIBN) for its contribution to the growth of the Nigerian banking sector and the private… Read more »
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Nigeria: Public Trillions in Private Pockets
This Day, 19 November 2020
In July last year, the federal government established a task force comprised of the EFCC, ICPC, NFIU and the Federal Ministry of Justice to recover N5.7 trillion owed to the Assets… Read more »
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Nigeria: Financial Inclusion - How Nigerian Banks Woo Children
Premium Times, 3 August 2021
Banks offer unique interest rates, withdrawal conditions and gifts to draw parents to their services. Read more »
Why Are Foreign Banks Absent In Nigeria?
Privately-owned Nigerian banks hold 94% of Nigerian banking assets. Only one other country in the world - Israel - has a higher share of ownership by local banks. The share of banking assets is the most reliable way to measure market power and competitive position. Some of the world's largest banks are active in other parts of Africa. But they are either not present in Nigeria or have minimal activity in the country. One theory is that foreign firms experience challenges outside their own countries simply because they are foreign. Another is that local banks have an easier time since they're rooted in the country. But these theories don't hold water in Nigeria, write Lilac Nachum and Chris Ogbechie for The Conversation.
