Its demographics, low banking penetration and rapid economic growth relative to developed markets should make Nigeria fertile ground for financial services. Yet although the continent’s most populous nation also boasts some of its largest banks by assets, just 21% of its population of about 165m is banked, according to a 2011 study by the Central...
Although depressed growth in developed economies has added a level of uncertainty to Nigeria’s macroeconomic outlook, it has also contributed to its attractiveness. As one of the fastest-growing economies in the world, according to the Federal Ministry of Finance (FMF), the country is certainly appealing to foreign investors in large part due to its...
How would you evaluate the progress of the implementation of the Transformation Agenda?
While the economy of Nigeria remains largely cash-based, a concerted push is under way to reduce inefficient cash transactions. According to the Central Bank of Nigeria (CBN), excessive currency in circulation has undermined its efforts to ensure price stability. Moreover, high costs associated with currency sorting, cash management, transport and...
How can Nigeria limit the broader economic fallout from the drop in remittances in 2011?
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