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LequteMan
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As global oil prices continues to fall, Nigeria’s GDP is dipping because of its dependency on oil income. Deputy Head of Lex, Oliver Ralph, says the fall of Nigeria's growth rate is having a negative impact on Nigerian Banks.
"As the oil price falls, so does Nigerian GDP. Also that's awful news for the banks which are an essential part of the Nigerian economy." Ralph said in a video posted on Financial Times.
He said bank share prices have fallen heavily this year and are trading at the rate with which stagnant banks in Europe wouldn't consider.
According to him, bank share prices are down due to the market's reaction to the slow GDP forecast. He predicted more awful conditions for banks which are heavily connected to the oil sector.
He added that Nigeria's telecoms industry and agricultural sector is growing and as such banks which deal with these areas of the economy won't be affected by the global fall in oil prices.
#Lex #Nigeria #Banks #FinancialTimes
"As the oil price falls, so does Nigerian GDP. Also that's awful news for the banks which are an essential part of the Nigerian economy." Ralph said in a video posted on Financial Times.
He said bank share prices have fallen heavily this year and are trading at the rate with which stagnant banks in Europe wouldn't consider.
According to him, bank share prices are down due to the market's reaction to the slow GDP forecast. He predicted more awful conditions for banks which are heavily connected to the oil sector.
He added that Nigeria's telecoms industry and agricultural sector is growing and as such banks which deal with these areas of the economy won't be affected by the global fall in oil prices.
#Lex #Nigeria #Banks #FinancialTimes