The Illusion of Prosperity: How Nigeria’s Banking Sector Thrives Amidst Widespread Poverty

In the heart of Africa’s most populous nation, a striking paradox endures: Nigeria’s banking sector consistently posts record-breaking profits, yet the country remains plagued by abysmal poverty, low human development indices, and a struggling economy. Recent financial reports show that major banks such as Zenith Bank, GTCO, First Bank and Access Bank recorded multi-trillion naira profits in 2024, even as Nigeria was ranked as the country with the highest number of extremely poor people globally, surpassing India