Banking and Capital Market 2022 Wrap-Up / 2023 Outlook

The financial services sector (with the banking and capital market segments being the larger slice) of the Nigerian economy, which is a key contributor to the Gross Domestic Product (GDP), witnessed significant changes in 2022, with a number of participants in both segments, transitioning into holding company structures and others, hiving off part of their businesses as part of their response to the changing economic landscape. Significantly, the increased regulatory activities of the Central Bank of Nigeria (CBN) as well as other macroeconomic factors made 2022 a challenging year for the banking sector even though the year had commenced with predictions of a positive outlook. Most of the responses to the challenges of 2022 and the aftermath of the Presidential elections will determine the shape the sector will take in this year 2023, This wrap-up and forward report (the Report) highlights the significant events of 2022 in the Banking and Capital Market sub-sectors of the Nigerian financial services industry as well as an indication of what is expected in these sub-sectors in 2023.


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