Financial Sector Reforms: An Analysis of Public Relations in the Banking Sector

Abstract

The deregulation of interest rates in August 1987 marked the beginning of Financial Sector Reforms in Nigeria. Since then, far-reaching policy measures including the chartering of new banks, reform of the capital market, and a move from direct to indirect monetary controls have been undertaken. The results from the implementation of the reforms have been disappointing due to poor Public Relations. However, bank insolvency, high inflation, and excessively high-interest rates have become common phenomena in the economy. The future of any business enterprise and corporate institution depends largely on how it reacts to the hopes, aspirations, and demands of its public. This study uses the secondary method of investigation and investigates the role of Public Relations in the process of carrying out Financial Sector Reforms in Nigeria with particular reference to the banking sector. This study identifies poor public relations as a factor in the poor performance of the financial sector reforms but agrees that a lot more research needs to be done especially in this virgin area.