Human Aspects of Loan Defaults In Nigerian Banks and Management Strategies

Abstract

This paper examined the human factors for loan defaults in Nigerian banks, the implication of loan default on the Nigerian economy and the management strategies to deal with the problems. The economic basis for loans and the factors for loan defaults were addressed. The emphasis on the individual, economic and psycho-spiritual forces (the flight of conscience) which could lead to loan defaults was highlighted. Finally, the need to improve the institutions of loans, using the information from publications such as the one reported here and ideas on the management of loan defaulters from other societies, with more cognate research studies were discussed.