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GLOBAL ECONOMIC CRISIS AND JOBLESSNESS IN NIGERIA’S BANKING INDUSTRY: AGENDA FOR THE FUTURE
Abstract
Axiomatic to posit that the banking sector in Nigeria is yearning for better, skills to reduce distress, and further drive the economy. In recent times, the industry has been bugged by recession, occasioned by mismanagement of funds, inability to adhere to ethical standards, employment of below- average workers, and misplacement of priorities. Many banks have ventured into areas where they lacked the required competence, and, in the process, made traditional, or deposit banking to suffer. One of the major fallouts of this misplacement of priorities is the current pendulum swinging against shareholders as they lose their in vestments, relevance, appeals and contacts to the market. These have occasioned the current job losses in the sector. This article seeks to address the impacts of the economic meltdown on the banking sector and the current job losses triggered by the down turn. The paper concludes by positing that there is a need to redefine the roles banks play in an economy through effective risk management.
Keywords: economic meltdown, recession, bank failure, capitalization, job losses, risk management and banks.Introduction