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The Banking Sector and National Economy

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The Banking Sector and National Economy Munich Personal RePEc Archive The banking sector and national economy Uddin, Godwin and Ashogbon, Festus and Martins, Bolaji and Momoh, Omowumi and Agbonrofo, Hope and Alika, Samson and Oserei, Kingsley Department of Economics, Veronica Adeleke School of Social Sciences, Babcock University, Ilishan-Remo, Ogun State, Nigeria; Department of Economics, School of Management and Social Sciences, Pan-Atlantic University, Ibeju-Lekki, Lagos, Nigeria, Department of Economics, Veronica Adeleke School of Social Sciences, Babcock University, Ilishan-Remo, Ogun State, Nigeria, Department of Economics, Veronica Adeleke School of Social Sciences, Babcock University, Ilishan-Remo, Ogun State, Nigeria, Department of Economics, Veronica Adeleke School of Social Sciences, Babcock University, Ilishan-Remo, Ogun State, Nigeria, Department of Economics, Veronica Adeleke School of Social Sciences, Babcock University, Ilishan-Remo, Ogun State, Nigeria; Department of Economics, School of Management and Social Sciences, Pan-Atlantic University, Ibeju-Lekki, Lagos, Nigeria, Central Bank of Nigeria, Abuja, Nigeria; Nile University, Abuja, Nigeria, Department of Economics, Faculty of Social Sciences, University of Lagos, Lagos, Nigeria; National Centre for Agricultural Mechanization (NCAM), Ilorin, Kwara State, Nigeria 21 January 2021 Online at https://mpra.ub.uni-muenchen.de/105485/ MPRA Paper No. 105485, posted 25 Jan 2021 02:49 UTC THE BANKING SECTOR AND NATIONAL ECONOMY Godwin E. Uddina,b,*, Festus O. Ashogbona, Bolaji Martinsa, Omowumi A. Momoha, Hope E. Agbonrofoa,b, Samson Alikac,d, Kingsley M. Osereie,f aDepartment of Economics, Veronica Adeleke School of Social Sciences, Babcock University, Ilishan-Remo, Ogun State, Nigeria; bDepartment of Economics, School of Management and Social Sciences, Pan-Atlantic University, Ibeju-Lekki, Lagos, Nigeria; cCentral Bank of Nigeria, Abuja, Nigeria; dNile University, Abuja, Nigeria; eDepartment of Economics, Faculty of Social Sciences, University of Lagos, Lagos, Nigeria; fNational Centre for Agricultural Mechanization (NCAM), Ilorin, Kwara State, Nigeria. *Corresponding Author Email Addresses: [email protected] (G.E. Uddin), [email protected] (F.O. Ashogbon), [email protected] (B. Martins), [email protected] (O.A. Momoh), [email protected] (H.E. Agbonrofo), [email protected] (S. Alika), [email protected] (K.M. Oserei). 1 THE BANKING SECTOR AND NATIONAL ECONOMY The banks are central elements of a market economy. In more than one way, they facilitate business transactions by acting as depositor and lender for many actors in the domestic and international economy. The banking industry in Nigeria has expanded in size in terms of assets in the last 60 years since the country’s independence from British colonial rule and undergone large-scale reforms vis a vis transformation in the global economy. What are the dimensions of this growth? How has it affected market efficiency and economic wellbeing of the people? This article provides answers to these questions and argue that growth has indeed happened in the banking sector by a quantification of liquid assets, investment securities and loans. It also captured its transnational dimension and how that has boosted international transactions as well as repatriation of Diaspora transfers to the national economy. This article also focused on the contradictions of the economy arising from inconsistent policies of government and meddlesomeness of global financial institutions, and their impact on the banking sector. This article ends on a prescriptive note by suggesting ways to make the banking sector more relevant in promoting productive activities in the national economy. 1.0 INTRODUCTION As money and finance play a vital role in the macro-economic affairs of nations – both advanced countries and less developed countries, the importance of money and finance brings the role and place of financial institutions as the main connecting link with the economy at large since they as intermediaries have remained an important medium of economic exchange (Fakiyesi, 1999). In the total banking operations, commercial banks notably have the biggest share amidst other industry players such as the microfinance banks, development banks, mortgage banks, etc. Though formerly the main function of the commercial banks was financing organized trade, commerce and industry, but now they provide finance to agriculture, small-case business and small borrowers also (Singh, 2011). Banks existed as depositories and loan advancers from which banking practice originated. The business of banking made early bankers ever since the Gold Smith Era be recognized as moneylenders and cash collectors, and thereby the financial system serves as a framework or mechanism to link savers and borrowers either in the form of direct finance or indirect finance which imply the facilitation by a financial intermediary (Baye and Jansen, 2006). The banking sub-sector as a result is noted for its resource- generation, mobilization and channeling drive purposed to contribute to the development objective of a nation. Thus, since finance is the key to investment and hence growth, financial institutions have always been important in any economy. As follows, this importance is predicted on firm convictions supported by empirical evidence that: money matters in economic development; there is a positive correlation between real growth of output, investment, bank assets and money supply; finance can retard economic development if it is repressed and can stimulate it if promoted i.e. liberalized; financial institutions, 2 particularly banks, contribute significantly to real development through the role they play in the savings/investment process by stimulating savings, financialization of the savings and by their ability to ensure the most efficient transformation of savings into real output; and the way the financial institutions performs these functions may well determine the degree of success of the development effort – a passive armchair approach may decelerate it while a positive dynamic approach may accelerate it (Nwankwo, 2001). 2.0 THE NIGERIAN FINANCIAL SYSTEM TREND 2.1 THE NIGERIAN FINANCIAL SECTOR EXPERIENCE Tracing the historic feat of the Nigerian financial system development basically in comparison with other countries of the world in a way may not reveal a significant variation or a very different banking experience. However, with a revolutionary or paradigm shift in the Nigerian financial industry players composition through the introduction of the tenets implied as part of the Structural Adjustment Programme (SAP) in the 1980s as well as other reforms in twenty-first century, the domestic industry has been perceived to have had a radical dimensional growth along its line with a lasting heritage. 2.1.1 BEFORE STRUCTRAL ADJUSTMENT PROGRAMME From the early post-independence era and even until the late 1970s, Nigeria was noted to have tinkered the possibility of reforming or modeling the colonial financial structure through such instrument as indigenization and the creation of new institutions. The prevalence of government-based banking practice seemed or was largely evident. The mobilization or raising of capital was also more of the government domain. The participation of government was notable and highly dominant. The remodeling of the colonial financial system was focused on facing the challenges of rapid economic development. Varying restructuring measures were of high stake, in full swing and at glaring sway. These measures included indigenization of existing financial institutions, creation of new institutions to provide funding at low interest rates to defined priority sectors and the establishment of special directive for banks to open rural branches in order to mobilize deposits and provide credit to widely dispersed small holders. Also, through credit guidelines, authoritative intervention ensured direct credit allocation to established priority sectors to accord with the country’s development objectives and the government themselves borrowed heavily from the domestic financial systems and from abroad to finance budget deficits and the needs of state-owned enterprises (Nwankwo, 2001). 2.1.2 STRUCTURAL ADJUSTMENT PROGRAMME ERA Unlike the 1960s and 1970s when government was seen as the engine of growth, the introduction of the Structural Adjustment Programme (SAP) in September 1986 led for a paradigm shift in the sector’s key players composition as much emphasis was placed on the role of the private sector. The reform though focused for Developing Economies by the International Bank for Reconstruction and Development (IBRD) or World Bank but for Nigeria was aimed at revamping the ailing national economy following the financial 3 shocks of the 1980s. The hope was for the modernization of the Nigerian financial system. The importance for such move was due to the financial sector’s necessity to ensuring the success of the private sector; since while governments can raise funds through taxation, the private sector has as their last resort the financial system to raise resources which cannot be generated through retained earnings (Nwankwo, 2001). The SAP in 1986 by the Babangida Administration brought to an end the kind of banking services rendered by the first generation of banks, which have been described as "Arm Chair Banking". It changed not only the structure but also the content of banking business. The reform notably facilitated the multiplicity of financial institutions
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