Manpower Challenges in the Banking Sector - A Nigerian Perspective

Abstract

The economic growth or productivity of any country depends to a very large extent on the quality of its manpower. The Banking Sector in Nigeria today is facing acute Manpower problems characterized by poor leadership, lack of requisite skills as well as role conflicts. The Banking Sector is unquestionably, one of the most important sectors in any country’s economy. Therefore, it may probably not be an exaggeration to state that no economic policy package however sound on paper or elegant in theory can succeed without a healthy banking sector. Frauds in Banks including the Central Bank of Nigeria have been rising steadily and it is believed that some of the frauds resulted due to lack of knowledge and incompetence. In a manpower status survey by the NDIC in 1991, it was established that less than 20% of 40676 Bank employees were qualified for the job positions they occupied. This situation persists until today. Lack of capacity in the Banking sector is a cause for concern because the quality of manpower makes a great difference between sound and unsound management.

Keywords: Economic Policy, Qualification, Mix, Leadership problems, Technically distressed, Sound and unsound management

JEL Classification: M10, M12