More rains falling in Nigeria: “Zenith Bank has once again surpassed expectations, reporting a record-breaking profit after tax (PAT) of N1.033 trillion for the 2024 financial year, a significant increase of 52.59% from the N677.98 billion posted in 2023…Zenith Bank’s remarkable financial performance in 2024 was largely fueled by the high-interest-rate environment in Nigeria, which significantly boosted earnings from loans and government securities. The Central Bank of Nigeria’s tight monetary policy, aimed at curbing inflation, created a favorable climate for banks to generate substantial interest income.”
The banks operate in Naija while other sectors operate in Nigeria. Move from Nigeria to Naija, and you will collect.
Note: if you do not like the banks’ profits, change your politicians. Yes, the banks will operate in the operating system they are provided with. Forget the morals of making tons of money in a de-industrializing economy. Nothing new there: Nigeria has been financialized since 1990 when IBB substituted building factories for running financial institutions.
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Today, the best business in Nigeria is giving loans provided you will find ways to ensure people pay you back! But since most loans are collateralized in Nigeria, the banks have nothing to lose and that is why it is raining big in the sector. Discover your Naija, and leave Nigeria because Naija has tons of profits and gains! Good luck.
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