Nigeria’s transition mirrors patterns observed in comparable emerging economies. Following India’s 1991 liberalisation, banks strengthened capital through public market listings rather than forced mergers. Brazil followed a similar path through selective consolidation and capital market deepening.
Nigeria appears to be entering a similar transition. Tier-1 institutions have strengthened capital positions and increasingly demonstrate regional competitiveness.
However, sustained progress will depend on whether capital market development translates into broader financial deepening and improved real-sector outcomes.