These are not the best of times for players in the financial services industry of the Nigerian economy as the subsector has once again been submerged into economic recession, even worse than its 2018 crisis.
Financial institutions in the country shrank by 9.21 percent in the first three months of this year from a year earlier, and sustained the downturn with a contraction of 3.52 percent on a year-on-year basis in the second quarter of 2019, according to figures released Tuesday by the National Bureau of Statistics.
As a result, the financial institutions, which is a subsector of the finance and insurance sector, has replicated its last year’s slide into recession, having recorded two consecutive quarters of negative growth.
