By Niyi Jacobs
The Nigerian banking sector has come under fire in recent times, with many criticizing its role in the country’s economy. However, the banks are hitting back, defending their contributions to national development.
In a statement released yesterday, the Chartered Institute of Bankers of Nigeria and the Body of Banks CEOs in Nigeria highlighted the significant contributions of the sector to the economy. They noted that the sector is one of the most regulated and integral parts of the country’s economy, governed by rigorous regulations and standards.
The banks also pointed out that they have invested heavily in cutting-edge technologies and partner with recognized service providers to meet global standards. They added that they are routinely evaluated by international auditing firms, rating agencies, and independent bodies, ensuring they align with global best practices.
Despite the criticism, the banks remain a top choice for retail and institutional investors, earning high ratings and investor confidence. The sector’s resilience and dynamism are built on customer trust, demonstrating its role as a cornerstone of economic growth and development in Nigeria.
The banks are calling on Nigerians to recognize their contributions to national development and to stop criticizing them unfairly. They urged the public to look at the facts and figures, which clearly show the significant role they play in the economy.