Gross Domestic Product (GDP) has lagged behind the population growth rate, which averaged 2.58 per cent in the past decade, in the last three years. xWith the International Monetary Fund (IMF) and the National Bureau of Statistics (NBS) putting this year’s growth estimate at 2.5 and three per cent respectively, Adedipe said the economy could level up with population growth in 2021 if the security challenges are promptly addressed. “With loan-to-deposit ratio averaging 70.4 per cent, the banks were below prescribed maximum; above this, they would be deemed to be overtrading. xHe warned the players to brace up for the competition emerging from shadow banks, hence they become irrelevant. He described socially responsible banking as one that responds to the country’s most pressing challenges – poverty, unemployment and insecurity.

Source: The Guardian July 19, 2021 03:00 UTC