According to Professor Chukwuma Soludo, a former Central Bank of Nigeria governor, the value of total assets owned by banks in Nigeria is lower when compared to other African nations. As of mid-2019, total assets owned by Nigerian banks are estimated to be worth N43.7 trillion.
Professor Chukwuma Soludo, who is also a member of President Muhammadu Buhari’s Economic Advisory Council, stressed that banks in Nigeria should be able to finance large ticket transactions.
He also shared his disappointment as banks in other African nations such as Cape Verde, Mauritius, Kenya, Senegal, and Ghana are doing much better than Nigeria in terms of assets, size and contribution to GDP.
Professor Chukwuma Soludo told the media, “So, seeing the banking and financial sector and the kind of economy that we want to be able to have – we have a dream of Nigeria becoming Africa’s financial and banking centre.
He added, “Now that we are actually integrating Africa to have a continental free trade area, what kind of banking and financial system do we really need to be able to move this economy, which is the largest in Africa?”
Earlier this month, while speaking at the Nigeria Diaspora Investment Summit 2019, he urged the Nigerian diaspora to invest in the country. He pointed out that diaspora always has higher qualification and skillsets compared to a person in the homeland and hence he urged them to help develop Nigeria’s economy.
Recently, the Central Bank of Nigeria, in its economic report for the third quarter of 2019, stated that the total assets and liabilities of commercial banks at the end of August 2019 fell by 0.1 percent compared to what was recorded at the end of June 2019.