Fluctuations in oil prices have almost spelt catastrophe for Nigeria over the past year. The future of the country's oil industry now looks more secure, but the lessons of the past year have emphasised how important it is for Nigeria to strengthen its non-oil economy. Writer Daniel Maalo
Firing the chief executives responsible for mismanaging Nigeria's banks has been the first step to fixing the country's financial problems. Now the system is more transparent, Central Bank of Nigeria governor Lamido Sanusi is spelling out his vision for banking reform and stability. Writer Peter Guest
A collapsed stock market and a plummeting oil price would normally be good reason for investors to steer clear of Nigeria. But the country is weathering the financial storm and its reformed bank sector, while unsteady, looks set to survive the crisis intact. Charlie Corbett reports from Lagos.
Nigeria’s banks have so far been relatively insulated from the credit crisis in the West, but with external sources of capital rapidly drying up, how long can this situation last? Erastus Akinbola is chief executive of one of Nigeria’s leading banks, Intercontinental Bank, and president of the Chartered Institute of Bankers in Nigeria. He spoke to Charlie Corbett about the impact of the credit crisis on Nigeria’s banking industry.
Over the past decade, the word ‘potential’ has become synonymous with Nigeria, as the resource-rich nation’s progress has been stymied by political and economic instability. Much progress has been made on both fronts, and under new president Umaru Yar’Adua Nigeria looks set to deliver on its promise. Charlie Corbett reports.