In August this year, the Nigerian government was forced to pump $2.6 billion into five troubled banks after realising their base capitals had plummeted to levels that threatened the entire financial system. The move has awakened deep concerns about the state of affairs in Africa's second largest economy where banking is strategic to financial stability. While it may be too early still to speculate on how this affects investor attitudes, the government is confident in its intervention based on the sheer potential of the economy.
Financial sector reforms were first brought about in 1987 as part of the government's Structural Adjustment Programme, aimed at correcting repressive
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