As it is in several other nations, the financial and banking system is a crucial aspect when it comes to the economic development of a country. Before you dig deeper into the matter, it is imperative to mention the fact that Nigeria is more of an emerging market and its banking section is a major factor towards a better, life status in the country.
The Central Bank of Nigeria
Considering Nigeria, the prime institution that controls the demand and supply of the Nigerian currency Naira is the Central Bank of Nigeria which was established back in the year 1958 based on the CBN Act. The man objective of Nigeria’s central bank did change over the period of time, but today mainly because of capitalization, the banking system in the country has recovered and improved its strength.
Moreover, some of the latest improvements in the banking system mainly took place because of the increase in the oil prices. It is known that Nigeria is one of the biggest oil traders of US and by implementing the right financial objectives the entire nation has something to achieve – but most imperatively more opportunities towards a better life. Nigeria’s Central bank has enjoyed a great success over the last two decades due to its trading agreements as well as Nigerian people.
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As per the World Bank results, the Nigerian GDP nearly doubled from the year 2005 till the year 2007, reaching $1.754 per capita in the year 2007. This was quite an economic development accomplishment for an emerging nation like Nigeria. Likewise, it was also an indication that Nigeria was efficiently and effectively making use of the available resources since it happens to be the world’s 12th biggest petroleum producer.
Other than the petroleum industry, Nigeria has a rapidly growing telecommunication industry that competes at international level with other vital operators. In order to maximize the outcomes from the telecom sector, the Nigerian government did make incredible efforts to expand it to space communications as the nation already has its own space satellite.
To conclude it, from the financial and economic viewpoint, Nigeria is a country that is rapidly approaching the middle-income level and this will definitely lead to a better lifestyle and more investment projects operating in the country very soon.