Banking & Finance Law

The Impact of the Global Financial Crisis on the Nigerian Banking Industry

Banks also implemented cost-cutting measures, such as reducing staff and closing branches, to improve profitability. They also focused on increasing deposits, improving credit risk management, and diversifying their operations to reduce reliance on the oil sector. The global financial crisis had a significant impact on the Nigerian banking industry. However, the industry was able to weather the storm due to the proactive measures taken by the Central Bank of Nigeria and the government.