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Ladi Jolaosho
Publisher/Online Editor
Omogbemisola Jolaosho
Society Editor
Sam Odion Bello
Editorial Adviser
Suleiman Olawoyin
Business Dev. Mger
Samuel Jolaosho
Photo Journalist
Gbenga Ogunsakin
UK Correspondent
Oluwaseyi Quadri
Corporate Affairs
| SEPT.-OCT. 2008 EDITION | Back To Home Page | ONN Mails | Contact Us |
Nigeria’s financial system among world’s worst - World Economic Forum
Despite the recapitalization of the nation’s banking system, Nigeria’s financial system has been ranked among the lowest on the scale of financial systems world over.
The ranking was released by the World Economic Forum in a survey it called ‘The Financial Development Index 2008 Rankings.’
The United States of America and the United Kingdom topped the list, closely followed by Germany, Japan, Canada and France.
Despite the Bankers Magazine’s ranking of some Nigerian banks among the world strongest 1000 financial institutions, Nigeria’s financial system came third to the last on the latest WEF ranking of 52 countries.
The study, which was led by Nouiel Roubini, a New York University professor, said despite being virtually tied at the top of the index, neither the United States nor the United Kingdom received full marks from the WEF. This is not unconnected with the current global economic recession.
The ranking shows that Nigeria’s banking system ranks 50th, Ukraine 51st and Venezuela 52nd, the last on the list.
South Africa’s 25th ranking on the list, suggests that Nigeria is the giant of Africa by declaration and South Africa the giant of Africa by economic and financial indices.
By implications, Nigeria is still far away from the Millennium Development Goals (MDGs) which are supposed to give hope to alleviation of poverty and hunger which affect millions of Nigerians.
