Dishonesty, hoarding, and a lack of accountability from most banks in Nigeria contributed to why the economy of Nigeria is not moving forward. The banks assisted some corrupt politicians and government officials to hide their stolen wealth instead of operating a system that would be beneficial to the growth of the Nigerian economy. Recently, it was alleged that about 400 million dollars were found hidden in some banks across Nigeria; perhaps they were kept there by those believed to be in government. Now, if you examine properly, such a huge amount of money may have been stolen from the treasury of Nigeria, while Nigerians go to bed on an empty stomach, which is bad. Just think about what such a huge amount of money would have done if it were invested in the economy of Nigeria. It would have gone a long way towards creating economic growth in the country. It is terrible how politicians in Nigeria are creating hardship for the people of the country. Again, not too long ago, the central bank governor was called upon by lawmakers to answer questions on why part of the central bank of Nigeria was relocated to Lagos after operating for about 20 years in Abuja,the capital city of Nigeria. The central bank governor made some great remarks. According to him, doing so would enable them to monitor more of the activities of the banking sector because Lagos is where the commercial activities are mainly situated. However, no matter the reason given for moving the central bank of Nigeria back to Lagos, the people of Nigeria would want to have an economy that works for all. We plead with the federal government of Nigeria to work more on production; it is only when a country is producing that steady growth can be achieved. Growth does not come from consumption; instead, it would continue to drain the treasury of Nigeria, and before you know it, the country would be in serious trouble like it is in Nigeria at the moment.
Source: Viewers Corner News