After one of the most challenging economic downturns of recent memory, Nigeria’s banks bounced back in 2021. A rebound in oil revenues — which has extended into 2022 — has helped the country return to economic growth following its worst recession in more than 20 years. All five of the country’s largest lenders reported increases in Tier 1 capital during the year, compared with just one in 2020.
Zenith Bank remains the country’s largest lender, its Tier 1 capital base increasing by 4.2% to $2.75bn, even as it slipped six places to 460th position in the Top 1000.
