THE IMPACT OF GLOBAL FINANCIAL CRISIS ON THE NIGERIA BANKING INDUSTRY [A CASE STUDY OF THE FIRST CITY MONUMENT BANK (FCMB)]
The global financial crisis is a contemporary economic issue prevailing in the world today both in the developed and emerging economy and has affected almost all sectors of the economy. In the wake of the world been a global village, Nigeria is not immune to the effect of the crisis. This has an impact on some sector including the banking industry.
The study conducted and assessed the impact of the Global Financial Crisis in the Nigeria banking industry using First City Monument Bank (FCMB) as a case study. And to show the relationship that exists between the Global Financial Crisis and the Nigeria Banking Industry.
The project reviewed the nature, causes, effect of the crisis on the Nigerian banking industry as well as the possible action taking by the government to curb the effect of the crisis.
Data were predominantly gathered, using the questionnaire administered on the workers at different cadre of the first city monument bank (FCMB).
The data collected were analyzed using the descriptive and inferential statistical analysis, Chi-Square statistic was precisely employed in the analyzing of the data collected.
The study revealed that the global financial crisis affects the banking industry in all ramifications to include the share prices of the Nigerian banks, the performance and profitability of the banks and the banks’ credit policy.
However, this study concluded that the government should profer solution to the ongoing crisis. Hence, it recommends that effective and immediate actions should be taken to solve the problem of the crisis.