Nigeria’s banking industry has just delivered one of its most remarkable earnings seasons in years. Despite a turbulent macroeconomic backdrop defined by volatile exchange rates, steep interest rates and unpredictable liquidity conditions, the country’s leading lenders reported one of their strongest nine-month performances to date.
What many expected to be a brake on profitability instead became the catalyst for outsized gains. As one analyst put it, “The results confirm what the market suspected: balance sheets are expanding, but risk appe
