Chronology of Banking Reforms in Nigeria: A Survey of Past and Present Theoretical and Empirical Literature

Abstract

Governments of many developed and developing countries have designed and implemented various financial reforms to enable the sector play the role of efficient financial intermediation, thereby helping to bolster economic growth and development. This paper surveys past and present literature on the chronology of banking reforms in Nigeria and the implications of the last reform on the Nigerian economy. The paper is analytical with mode of presentation based on content analysis. The paper posits that the banking system in Nigeria has come a long way in term of regulations and reforms; number of institutions, structure of ownership; and depth and breadth of operations. However the various reforms have not yet achieved the desired objectives either due to poor implementation or improper institutional arrangement or sometimes due to abrupt termination of the reforms. The paper suggests that henceforth, reforms should be designed along peculiarities of the Nigerian economy and institutional behaviour, and should be backed by adequate legislations.