The Nigerian Banking Sector

Abuja, Nigeria. September 06, 2010 – In 2009, the Central Bank of Nigeria (CBN) embarked on reforms in the banking sector to enhance the quality of banks, establish financial stability, enable healthy financial sector evolution and ensure that the financial sector contributes to the real economy. Despite the ongoing reforms in the sector, only roughly One in Ten Nigerians say they have confidence in the Nigerian banking sector.

In a recent survey conducted by NOI Polls, Nigerians were asked if they were aware of the ongoing banking reforms by the CBN. About four in ten respondents (42%) said they were unaware of the reforms while 58% of the respondents said they were aware of the reforms.

Respondents were then asked if they had confidence in the Nigerian Banking Sector. Only 11 % expressed confidence in the banking sector (Agree and strongly agree) while nearly 6 in 10 (58%) respondents said they lacked confidence in the banking sector (Disagree and strongly disagree). 24 % neither had confidence nor lacked confidence in the sector, while 7% did not know if they had or lacked confidence in the banking sector.

The results show a marked reduction in confidence levels when compared to a similar survey conducted by NOI Polls one year ago (August 2009), around the start of the reforms. In that survey, a total of 71 % of the respondents expressed confidence in the banking sector (Agree and strongly agree), compared to 11% in 2010; while only 17% lacked confidence (Disagree and strongly disagree), compared to 58% in 2010. 12% did not know if they had or lacked confidence in the banking sector, compared to 24% in 2010.

Respondents for the snap polls were randomly selected from a database of phone-owning Nigerians aged 18 and above across the six geopolitical zones in the country, compiled by NOI Polls. 1024 people took part in the telephone interviews conducted from the 23rd and 25th of August, 2010. For a sample of this size, we can say with 95% confidence that the maximum margin of sampling error is ±3 percentage points.

This poll is part of the ongoing snap poll exercise conducted by NOI Polls to rapidly assess public sentiments following various social, political or economic events. NOI Polls is a Nigeria based opinion research organization which Works in technical partnership with Gallup Polls (USA), to conduct periodic opinion polls on various socioeconomic issues in Nigeria.

The Nigerian Banking Sector

Abuja, Nigeria. September 06, 2010 – In 2009, the Central Bank of Nigeria (CBN) embarked on reforms in the banking sector to enhance the quality of banks, establish financial stability, enable healthy financial sector evolution and ensure that the financial sector contributes to the real economy. Despite the ongoing reforms in the sector, only roughly One in Ten Nigerians say they have confidence in the Nigerian banking sector.

In a recent survey conducted by NOI Polls, Nigerians were asked if they were aware of the ongoing banking reforms by the CBN. About four in ten respondents (42%) said they were unaware of the reforms while 58% of the respondents said they were aware of the reforms.

Respondents were then asked if they had confidence in the Nigerian Banking Sector. Only 11 % expressed confidence in the banking sector (Agree and strongly agree) while nearly 6 in 10 (58%) respondents said they lacked confidence in the banking sector (Disagree and strongly disagree). 24 % neither had confidence nor lacked confidence in the sector, while 7% did not know if they had or lacked confidence in the banking sector.

The results show a marked reduction in confidence levels when compared to a similar survey conducted by NOI Polls one year ago (August 2009), around the start of the reforms. In that survey, a total of 71 % of the respondents expressed confidence in the banking sector (Agree and strongly agree), compared to 11% in 2010; while only 17% lacked confidence (Disagree and strongly disagree), compared to 58% in 2010. 12% did not know if they had or lacked confidence in the banking sector, compared to 24% in 2010.

Respondents for the snap polls were randomly selected from a database of phone-owning Nigerians aged 18 and above across the six geopolitical zones in the country, compiled by NOI Polls. 1024 people took part in the telephone interviews conducted from the 23rd and 25th of August, 2010. For a sample of this size, we can say with 95% confidence that the maximum margin of sampling error is ±3 percentage points.

This poll is part of the ongoing snap poll exercise conducted by NOI Polls to rapidly assess public sentiments following various social, political or economic events. NOI Polls is a Nigeria based opinion research organization which Works in technical partnership with Gallup Polls (USA), to conduct periodic opinion polls on various socioeconomic issues in Nigeria.