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Nigeria’s economic slowdown is forcing the country’s lenders to rewrite their plans.
The scarcity of dollars and the decline in credit applications, as well as the fall in domestic bond yields, have hurt their performance. Most of the largest banks in the country, along with Guaranty Trust Bank Plc, United Bank for Africa Plc and Access Bank Plc, reported. a drop in first-half earnings. EFG-Hermes Holding SAE, founded in Cairo, expects industry revenues to decline by 2020 to a year ago.
This is how some of the country’s largest banks are dealing with the turbulence caused by Covid-19 and falling oil prices.