Business

Nigerian banks must grow at 4% to escape bad loans spike –EFG

For Nigerian banks to escape a spike in unpaid loans next year, they must expand at 100 per cent above the the Nigeria economy is predicted grown in 2012, Ronak Gadhia, director fir sunb-Saharan Africa banks research at EFG-Hermes has said.

 

The 2021 outlook for sub-Saharan Africa’s largest economy is predicted to grow at 1.7 per cent by the International Monetary Fund (IMF) on Tuesday, compared with a June forecast of 2.6 per cent. That will make Nigeria the fourth-worst performer among nations measured by the Washington-based lender in the region.

 

 

 

 

Lenders need the economy to accelerate after restructuring about 40 per cent of loans on their books that would have soured and should have been booked as non-performing loans. As growth lags, the risk of these reorganized loans going unpaid rises.

 

“There’s no real sense the economy iin unpaid loans next year, they must expand at 100 per cent above the the Nigeria economy is predicted grown in 2012, Ronak Gadhia, director fir sunb-Saharan Africa banks research at EFG-Hermes has said.

The 2021 outlook for sub-Saharan Africa’s largest economy is predicted to grow at 1.7 per cent by the International Monetary Fund (IMF) on Tuesday, compared with a June forecast of 2.6 per cent.

 

That will make Nigeria the fourth-worst performer among nations measured by the Washington-based lender in the region. Lenders need the economy to accelerate after restructuring about 40 per cent of loans on their books that would have soured and should have been booked as non-performing loans. As growth lags, the risk of these reorganized loans going unpaid rises. “There’s no real sense the econom

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