Home Finance & Economy Financial services sector most improved sector since 2004-Ovia

Financial services sector most improved sector since 2004-Ovia

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Chairman of Zenith bank Plc, Jim Ovia says the financial services sector is one of the most improved sectors of the Nigerian economy since recapitalization in 2004.

According to him, the sector has recorded successes especially in raising capital for businesses to thrive.

He was speaking at a roundtable consultative forum organized by the central bank of Nigeria. 

“One particular industry in Nigeria that we know is very strong that we have a mparative advantage is banking or financial services.
“Why it is a comparative the advantage is that 2004 before consolidation, I think the total capital of banks is N12bn and all of them couldn’t even lend much to the manufacturing industry.

“But today, one of the top tier is much better than all the Nigerian banks shareholders fund in 2004,” he said.  

He also commended efforts of the federal government in its intervention especially in the agricultural sector, and was glad to hear the CBN governor say that no Nigerian bank will go down under him.

According to him, many years ago, before independence and after, Nigeria use to have groundnut pyramid, but for the first time under the current CBN governor, the country now have rice pyramid, which underscores the role which CBN is playing to blossom the economy.

He however, called for ways which it can be sustained for the long term 

According to him, as far back as the 1990, “Only one Nigerian bank was ranked globally and the bank was ranked number 999 out of 1000. 

Today bankers Financial Times magazine top bankers in the world have 7 Nigerian banks”

Speaking on the global oil market crash, Ovia said the unfortunate situation is a wakeup call for government to get their axe together and have long term plan asides oil.

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