Globalization: The Opportunities and Threats to Banking Reforms In Nigeria

Abstract

The globalization concept is one of the areas that has attracted researchers’ attention in recent times. This probably may be due to the common knowledge that the world is a global village where every nation is a part. Many authors advocate a strong correlation between globalization and the economic growth of nations. On this note, it became imperative for this paper to be designed to highlight possible ways in which globalization could constitute opportunities and/or threats to the Nigerian banking reform endeavor, aimed at strengthening the banks, making them dependable to enable them to contribute to economic development and growth of the country. This paper, therefore, opines that government should monitor the operations of banks to ensure strict compliance with the appropriate legal framework; there should be an investment in manpower training and management development, to acquire the skills of modern banking systems; banks should be aided to procure and use relevant technology, that will make operations more efficient. The world economic/banking environment should constantly be monitored, to determine its behavior, and to take appropriate decisions and strategies for general development.