THE ROLE OF NIGERIAN FINANCIAL SECTOR IN REBUILDING ECONOMIC RESILIENCE IN THE PRESENT SOCIO-POLITICAL DISPENSATION

Abstract

This paper examined the role of the Nigerian financial sector in rebuilding economic resilience in the present socio-political dispensation. The method applied in this research is the qualitative method which involves collecting and analyzing concepts and opinions from other authors. It was discovered that Nigeria has faced a lot of development challenges that are both structural and institutional. Some of these challenges are linked to issues beyond the financial sector, yet the sector development remains central to achieving inclusive economic growth, sustained poverty reduction, and creating new markets in lieu of rebuilding economic resilience. The development challenges Nigeria faces, calls for a new policy approach with the formulation and implementation of new generation development policies centered on the fostering of production capacities. Financial sector helps in building resilience by providing efficient and secure payment and settlement systems that facilitate the smooth functioning of the economy. A strong and well-functioning financial sector is recommended as it is vital for the country's ability to withstand economic challenges and uncertainties.