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Compliance in Nigeria’s Financial Sector Shows Significant Improvement, Says Report

Lagos, May 28, 2013

A recent assessment of the implementation of the Basel Core Principles (BCPs) has revealed that Nigeria’s financial sector has recorded significant improvement in its level of compliance with the principles. The assessment, conducted by a team of experts, found that the country’s banking system supervisors have enhanced their supervisory capacity, leading to improved compliance.

Notable Improvements

The assessment team reviewed the legal framework for banking supervision and held extensive discussions with staff at the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC). The report highlights notable improvements in areas such as:

• Bank licensing
• Supervision
• Capital adequacy requirements
• Corporate governance
• Credit risk management
• Market risk management
• Revenue administration

Reasons for Improvement

The report attributes the improvement to the enhanced supervisory capacity of Nigerian banking system supervisors, which has enabled them to effectively implement the BCPs. This development is seen as a major step forward in ensuring stability and soundness in Nigeria’s financial sector.

Areas for Further Improvement

The assessment team also identified areas where further improvement is needed, including:

• Strengthening legal support for revenue administration
• Enhancing credit risk management practices

Policy Implications

The report comes at a time when the Nigerian government is implementing measures to strengthen the country’s financial sector, following a number of high-profile banking scandals. The findings are expected to inform policy decisions and guide efforts to improve compliance in the sector.

Full Report Available for Download

The full report, titled “Country Report No. 2013/146: Nigeria”, can be downloaded for free from [website].