Banking reform and its impact on the Nigerian economy

Abstract

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. 2.0

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