Social

Change Management within the Nigerian Banking Sector

The Nigerian banking sector is an integral part of the Nigerian economy has been experiencing a series of reforms especially after the SAP initiatives. These reforms are meant to bring a significant level of change in the prevailing banking structure and patterns of Nigerian banking. However, it is observed that all the set goals of reforms and changes are not attained success in the country and the process of change management is not adequate accomplished. In order to examine the change management practice within the Nigerian banking sector, the following paper proposes the qualitative research study that intends to analyze the change management practice in the Nigerian banking sector using Kotter’s eight-step model of successful change. The proposed study would present the case study of the Nigerian banking sector using interviews and analysis of secondary data as tools of data collection. The entire effort is directed by the motivation to find the practicability and implications of change management theories and models in the real business world.

Nigeria was among the middle-income nation of the world during the 1970s and early 1980s. However, the world oil market collapse in the early 1980s draw major impacts on the economic performance and development of the country and soon it falls in the list of 30 poorest nations of the world (Albert, 2000, p24). There are certain factors that have contributed towards the present worst economic condition of the country and in order to put Nigeria back on the path of development and recovery, it is very essential that not only the main factors behind the economic instability have to be highlighted but there is also need of formulating sound policies and strategies that can make improvement in the economic scenario of the country.
In this regard, social scientists also propose different suggestions so that improvement could come in the banking sector of the&nbsp.country and economic stability could be achieved.&nbsp.

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