This does not imply that we are complacent to have about 8% of our working population without a job. Real GDP growth has averaged more than 5 percent since 1970. Imports and exports have boomed. Efforts at economic diversification have been successful, allowing the country to move from sugar to textiles to a broader service economy.
The remaining14 banks were found to be in a sound financial state and did not require the CBN to take any action. The second approach was to carry out diagnostic audit through independent consultants. The report of the audit exercise revealed greater magnitude of weak financial condition of the nine banks. All of them were “technically” insolvent with significant negative asset value.