By African standards Nigeria has a dynamic financial sector in which a large number of mainly indigenous banks and insurance companies compete for business. Many of these companies, or their corporate parents, are listed on the Nigerian Stock Exchange (NSE).
The hangover from the country's banking crisis in 2009 will continue to be felt in the early part of the forecast period. The crisis represented a major setback for the banking system, which had become an engine of growth in Nigeria in the preceding years as oil production faltered.
The Central Bank of Nigeria (CBN) may never be able to recover fully the cash that it was forced to invest in rescuing nine banks. However, there is consolation in the fact that local banks have emerged stronger as the turmoil has subsided, not least owing to a round of consolidation precipitated by the crisis.

Financial services report 2

Banks 3

Insurers 7

Asset managers 8

Financial markets and instruments 10

Financial regulation 13

Monetary and currency policy 16

Nigeria at a glance 17

Fundamental indicators 18

Key contacts 19

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