The European banking sector has not yet recovered from the serious crisis that emerged around ten years ago. And it is still dealing with pre-crisis structural problems, such as inefficient cost structures. The establishment of the banking union was a fundamental step towards enhancing the resilience of the European banking sector.
Also, we are conscious of the dangers of the Dutch Disease and hence the need to avoid the repeat of history in terms of high overvaluation of the Naira in real effective terms as happened during the 1970s until early 1980s. Non-oil exports have begun to recover and grew by 24% in 2006.