Nigeria Banking & Financial Services Q4 2019
The ongoing development of Nigeria's banking and financial services market, which is being led by regulatory changesthat are bringing the local market into line with international standards and increasing its appeal to overseas operators, is strongestin the banking and insurance sectors. The former enjoys a high level of penetration and has central bank support in boosting creditgrowth through stimulus measures. The latter enjoys lower levels of penetration, but offers upside potential for operators in amarket set to see a wave of consolidation as domestic insurers scramble to fall in line with new capital requirements. Whileeconomic growth remains stable, we highlight that oil prices continue to have a considerable impact on the financial servicesindustry, and with oil facing downside pressure in the near term, this provides a headwind to growth in lending and premiums. Fornow, local capital markets and asset management remain strong at a regional level but underdeveloped globally.
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