By Y. Makanjuola
This e-book captures Nigeria's difficulty administration adventure and classes learnt through the five-year tenure of Sanusi Lamido Sanusi as CBN Governor. It offers a backdrop of the sub-prime personal loan trouble within the US characterized by way of the Lehman Brothers debacle in 2007-08, which brought on international financial and fiscal crisis.
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Extra resources for Banking Reform in Nigeria: The Aftermath of the 2009 Financial Crisis
Furthermore, poor governance, lack of transparency and deep-rooted ‘crony capitalism’ (official bailout and subsidies for the well-connected) were adduced as contributory factors. As foreign creditors demanded repayment, the International Monetary Fund (IMF) took the lead in proposing rescue and debt rescheduling packages,5 including tighter fiscal and monetary policies, in order to restore investor confidence and competitiveness. Critics called for a reform of the IMF itself for what they perceived as its harsh tactics, and bemoaned the likelihood that foreign creditors might get paid whereas local economies would be left to bear the brunt of the ensuing economic recession.
Combined with sustained productivity gains, which some analysts credited to information technology efficiency gains and favourable monetary policy, the economy grew at an average annual rate of 4% and 22 million new jobs were created while a budget deficit had turned to a surplus by the time President Bill Clinton left office in 2000. 1 23 24 Banking Reform in Nigeria On its part, the blue-chip Wall Street investment bank, Goldman Sachs, issued the following statement in 1998: On the policy side, trade, fiscal, and monetary policies have been excellent, working in ways that have facilitated growth without inflation.
Post-independence, the intoxicating prospect of self-governance and an immature political culture quickly polarised the nation, leading to the fall of the First Republic in 1966. The result was that a whole generation of Nigerians grew up under military dictatorship, such that the voice of the people was largely silent save for a vibrant press and brave civil society groups who kept up the pressure and demand for democracy. The Nigerian political class Recognising that they could not rule by coercion, the military co-opted the support of traditional and religious leaders, technocrats and crass opportunists, though this did not totally insulate them from countercoups from within their ranks.
Banking Reform in Nigeria: The Aftermath of the 2009 Financial Crisis by Y. Makanjuola