Soludo consolidating nigerian banking
Consequently, banks could not effectively support the real sector of the economy with credit to the domestic economy at 24% of GDP, compared to African average of 87 and 272% for developed countries.
Rather than performing its crucial financial intermediary roles, overwhelming proportion, especially and particularly the new generation banks were not interested in intermediating funds from depositors to borrowers but rather made quick profits from interest arbitrage and other rent seeking activities.
But the observers who initially dismissed Soludos reform plans as fanciful now concede that Nigerias banking sector appears to have turned a corner in its rehabilitation.
Reform agenda Reform efforts in the financial sector have not occurred in a vacuum.
Although the 2003 elections, in which Obasanjo kept his hold on the country, were marred by some irregularities, the significance of his successive victories is not lost on a country that was a military dictatorship as recently as 1999 and which has been a byword for turmoil in the years since independence in 1960: Obasanjos reign is the longest period of civilian rule since Nigeria became independent.
He has also worked as a consultant for a number of international organisations, including The World Bank, the United Nations Economic Commission for Africa, and the United Nations Development Programme.He graduated with a First Class Honors degree in 1984, an MSc Economics in 1987, and a Ph D in 1989, winning prizes for the best student at all three levels.