Bullion
Keywords
Financial crisis, Nigeria
Abstract
This paper x-rays the recent banking sector crisis in Nigeria, its resolution, lessons learned and way forward. The paper is divided into six main sections. Following the introduction, section 2 highlights country experiences of banking crisis and resolution options, while section 3 gives an overview of financial crisis in Nigeria; section 4 discusses the recent financial crises in Nigeria (2000-2009), while section 5 presents the 2009 banking crises and its causes. The most recent reform measures are discussed in section 6. ln sections 7 and 8, the lessons of experience and the way forward are presented, while the concluding remarks are made in section 9. The finding reveals the need for an appropriate mechanism to be put in place to ensure that erring directors are prosecuted on accelerated basis. There is need for a forward-looking supervisory regime which would ensure appropriate and sustained capacity building initiatives. Also, bank supervisors should keep abreast of state-of-the art practices and procedures in order to discharge their functions efficiently, effectively and creditably.
Publication Title
CBN Bullion
Issue
3
Volume
34
Recommended Citation
Mordi, Charles N. O.
(2010)
"The Nigerian financial crisis: Lessons, prospects and way forward,"
Bullion: Vol. 34:
No.
3, Article 6.
Available at:
https://dc.cbn.gov.ng/bullion/vol34/iss3/6