Credit rating experts at S&P Global have predicted that the number of banks in Nigeria will likely decline in 2025 as smaller banks may fail to meet the new minimum capital requirement, forcing them to merge.
They, however, pointed out that the projected decline will not affect the health of the economy’s banking sector.
“Although we expect the number of banks will decline as some smaller banks merge, this will not affect the stability of the sector, which is concentrated with the top-tier banks accounting for 70% of system assets,” the experts wrote in a new report.