Business
S’Africa, Egypt beat Nigeria in 2016 global rating of banks
Like in 2014, Nigeria has again been beaten by South Africa and Egypt in the banking sector rating of the World Bank for 2016.
The country now occupies 90th place in the assessment card.
In 2014, Nigeria occupied the 75th position with South Africa having occupied the 34th position in the global Logistic Performance Index (LPI), with Egypt in 62nd place in the world, but second in Africa.
In the 2016 global LPI biennial interactive rating survey report, sighted by Ripples Nigeria on Monday, the World Bank-selected experts said most developing economies showed some signs of improving performances.
The report says the LPI is the benchmark tool created to help countries identify the challenges and opportunities they face in their performance on trade logistics and what they can do to improve their performance.
Read also: Nigeria loses $2bn annually from poor mangrove forest management policy -Report
But for the 2016, banking performance survey,160 countries of the world were focused on, using some indexes that put into consideration the peculiar circumstances of the environment of each country.
To that effect, Germany ranked first in the world for the period, followed by Luxemburg and Sweden coming third; while South Africa led the African pack, but came 20th in the world, with Kenya coming second, but 42nd in the world.
The 3rd position in Africa went to Egypt as the 49th in the world, while Uganda came 4th in Africa, but 58th in the world.
In the Logistic Competence, Nigeria scored 2.47 points, while South Africa recorded 3.75; Kenya had 3.24, with Uganda and Tanzania scoring 2.92 and 2.9 points, respectively.
On Tracking and Tracing, South Africa had 3.2 points, Nigeria 2.8, and Tanzania 2.7.
Analysts say there is no way that a country like Nigeria in its worst economic recession could have performed better in the global banking rating.
But, Mr. Mike Ozokome, an economist said on Monday, “The cheering news that some banks, including Zenith, UBA, First Bank and GT Banks had handled a total of about $3.5 billion transactions in 2016, despite the economic meltdown, should be seen as an indication that some of the banks are beginning to look outside the routine banking services of pursuing cash deposits from customers”.
RipplesNigeria ….without borders, without fears
Click here to download the Ripples Nigeria App for latest updates
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...
Johnson Amadi
February 6, 2017 at 3:40 pm
The banking sector cannot be blamed for this, the state of Nigeria’s economy is bad, it is expected our ranking drops. I hope Nigeria will be able to pick up soon enough, so all S’Africa and Egypt won’t have to be ahead of us for too long.
JOHNSON PETER
February 6, 2017 at 5:00 pm
No matter how hard we try, we cant be like South Africa and Egypt in terms of strong economy and banking system.
chichi emerue
February 7, 2017 at 4:27 am
We can if only we put more effort by joining hands together as one
Amaka Okoro
February 7, 2017 at 4:23 am
Are we hear for competition or we are hear to create solution to the problem at hand
Margret Dickson
February 6, 2017 at 3:43 pm
Is there CBN Governor in this country? Because I’ve not seen how any of his overall policies in 2016 favoured Nigeria. This is another proof that his performance in 2016 was woeful.
Balarabe musa
February 6, 2017 at 4:43 pm
Hmm.
seyi jelili
February 6, 2017 at 4:54 pm
Keep shut. You have no point at all. Go bring your papa as CBN governor. You think it is all about monetary policies at all. Mumu.
Balarabe musa
February 6, 2017 at 3:45 pm
Recession affects our rating but we would bounced back soon to overtake South Africa and Eygyt.
Roland Uchendu Pele
February 6, 2017 at 5:17 pm
Every global or continental rating of any business category will always be out of favour for Nigerian organizations. The reason is simple: we are in recession and the world cannot possible see anything good in us.