Business Environment Analysis of Nigerian Banking Industry...

This preview shows page 1 - 2 out of 4 pages.

Samuel Ojo, Business Environment, MBA 711 FIFF – Wendell Seaborne, Ph. D. Dec. 07, 2016 To:Wendell Seaborne, Ph. D.From:Ojo Samuel OlamilekanSubject: Business Environment Analysis of Nigerian Banking Industry Date:December 07, 2016.Business BriefBanking is the financial activities of accepting money on current or deposit account, paying andaccepting of checks drawn by or paid in by customers, the making of advances to customers andincludes such other business prescribed by the apex bank. “All bank’s product is easy toduplicate and when banks provide nearly similar services, that can only be differentiated basedon price and quality” (Cohen, Gan, Yong, & Chong, 2006). Banks today are operating in a competitive and fast-changing environment. Although they areobserved to play a significant part in Nigerian economy due to many branch networks whichgive them ample advantage in mobilizing a high volume of savings for the onward creation ofcredit to intending borrowers. “In a dynamic economic situation, an approach to businessstrategy is important and the survival of banks depend on its ability to face difficulties coming upin their environment” (Alkali, 2012). The difficulties facing the banking sector in Nigeria is a result of pressure on financialinstitutions to formulate and implement another delivery approach, with the aim of attractingmore customers, improving customers’ awareness, and encouraging patronage. To ensurestability in the banking industry, the central bank of Nigeria has adopted various monetary policymeasures to influence banking operations in Nigeria.The objective of this research is to identify the trends, patterns, and consistencies of the businessenvironments in Nigeria banking industry.Trends, Patterns, Consistencies of Business Environment in Nigerian Banking IndustrySome selected external factors that determine the survival of the Nigerian banking industry and their operations are political, economic, social and technological factors. Political and economic factors will be more emphasized as major determinants in Nigeria banking industry The political factors are the legislations and policies where banks operate. Government policies support and encourage some business activities. For instance, the type of legislative structure a country operate (democratic or military system of government, unicameral or bi- cameral legislative structure) can be a contributing factor to the survival of Nigeria banking industry.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 4 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
BRILSON
Tags
Economics, Business, Banking Industry, nigerian banking industry

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture