Country Finance Nigeria

The Economist Intelligence Unit, June 2012, Pages: 72

With increased interventions from the country's regulators following the onset of the domestic banking crisis in 2009, the number of licensed banks in Nigeria has declined. According to the latest data available from the central bank, as of April 2012 there were 20 licensed commercial banks, down from 24 in 2011 and 89 in 2005.

In January 2012 local Jaiz Bank started business as Nigeria's first licensed non-interest-paying (sharia-compliant) bank. With branches in Abuja, Kaduna and Kano, the bank aims to increase its network in the region from three to 13 branches by end-2012 and to spread to other parts of the country by end-2013. The introduction of Islamic banking comes as part of the government's efforts to promote financial inclusion through alternative financing options.

While Nigeria is still poor by regional standards, financial inclusion is improving. According to the central bank, the number of bank branches expanded from 3,247 at end-2003 to 5,810 by end-2011, with substantial growth in rural areas. Mobile banking also showed signs of growth, with 96.6m subscribers in February 2012 compared with fewer than 1m in 2003, according to the Nigerian Communications Commission.

Country Finance Nigeria

Regulatory/market assessment

Regulatory/market watch

Nigeria at a glance: Political structure

Nigeria at a glance: Sovereign debt ratings*

Fundamental indicators

Financial regulation in Nigeria

Banks and other financial institutions: Overview

Banks and other financial institutions: Bank regulators

Banks and other financial institutions: Regulatory watchlist

Banks and other financial institutions: Domestic banks

Banks and other financial institutions: Foreign banks

Banks and other financial institutions: Investment banks and brokerages

Banks and other financial institutions: Offshore banks

Banks and other financial institutions: Insurance companies

Banks and other financial institutions: Pension funds

Banks and other financial institutions: Mutual funds and asset-management f

Banks and other financial institutions: Venture-capital and private-equity

Banks and other financial institutions: Factoring firms

Banks and other financial institutions: Financial leasing companies

Banks and other financial institutions: Other institutions

Corporate case study: Regulator's interventions shift industry's landscape

Monetary and currency policies/regulations: Overview

Monetary and currency policies/regulations: Base lending rates

Monetary and currency policies/regulations: Monetary policy

Monetary and currency policies/regulations: Currency

Monetary and currency policies/regulations: Loan inflows and repayment

Monetary and currency policies/regulations: Repatriation and remittance of

Monetary and currency policies/regulations: Restrictions on trade-related p

Short-term instruments/regulations: Overview

Short-term instruments/regulations: Cash management

Short-term instruments/regulations: Payment-clearing systems

Short-term instruments/regulations: Receivables management

Short-term instruments/regulations: Payables management

Short-term instruments/regulations: Currency spot market

Short-term instruments/regulations: Futures and forward contracts

Short-term instruments/regulations: Options

Short-term instruments/regulations: Swaps

Short-term instruments/regulations: Exotics

Short-term instruments/regulations: Bank loans

Short-term instruments/regulations: Time deposits

Short-term instruments/regulations: Certificates of deposit

Short-term instruments/regulations: Treasury bills

Short-term instruments/regulations: Repurchase agreements

Short-term instruments/regulations: Commercial paper

Short-term instruments/regulations: Overdrafts

Short-term instruments/regulations: Banker's acceptances

Short-term instruments/regulations: Supplier credit

Short-term instruments/regulations: Intercompany borrowing

Short-term instruments/regulations: Discounting of trade bills

Medium- and long-term instruments/regulations: Overview

Medium- and long-term instruments/regulations: Securities markets

Medium- and long-term instruments/regulations: Portfolio investment

Medium- and long-term instruments/regulations: Trading, clearing and settle

Medium- and long-term instruments/regulations: Corporate governance

Medium- and long-term instruments/regulations: Listing procedures

Medium- and long-term instruments/regulations: Recent initial public offeri

Medium- and long-term instruments/regulations: Underwritten offerings

Medium- and long-term instruments/regulations: Rights offerings

Medium- and long-term instruments/regulations: Private placements

Medium- and long-term instruments/regulations: GDRs/ADRs

Medium- and long-term instruments/regulations: Alternative markets

Medium- and long-term instruments/regulations: Bank loans

Medium- and long-term instruments/regulations: Financial leasing

Medium- and long-term instruments/regulations: Corporate bond issues

Medium- and long-term instruments/regulations: Private placement of notes

Medium- and long-term instruments/regulations: Structured finance

Medium- and long-term instruments/regulations: Infrastructure financing

Medium- and long-term instruments/regulations: Trade financing and insuranc

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