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By Prof. Chukwuma C. Soludo, CFR Governor, Central Bank of NigeriaBeing Presentation at theSpecial Interactive Session on the Banking System
 At The Eko Hotel & Suites, Victoria Island, Lagos
30 
th 
March, 2009 
Banking in Nigeria at a Time of Global Financial Crisis
 
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Outline
I: Introduction
 Why Worry About the Banks?
II: Impacts on Nigeria and the Banking System
The Pressure Points?
III: Responses So Far and OutcomesIV: Contingency Plans? V: Conclusion
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I: Introduction
Global economic crisis unprecedented in history in terms of scope and severity: global recession predicted (Africa andsome others with lower positive growth)
Global capital flows have largely frozen; credit crunch persistsdespite massive global liquidity injections; global aggregatedemand fallen sharply (about $50 trillion value lost throughcapital markets, housing, etc); commodity prices collapsed; world trade shrinking; major global banks recapitalized by governments; international financial institutions withoutadequate resources to intervene: Global coordination failure.
Major industrial countries and rich developing countriesdesigning trillions of dollars stimulus packages
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