An Analysis of the Impediments to Strategic Management in the Nigerian Banking Industry

Abstract

It is no gain saying that Nigerian banking and financial system has undergone remarkable changes over the years, in terms of the number of institutions, ownership structure, as well as the scale of operations driven largely by the deregulation of the financial sector in line with the global trend. The aim of the study is to analyze impediments, determine and ascertain the causes of resistance to changes in strategic management practices by bank management as well as proffer solutions on eliminating such impediments to strategic management practices in Nigerian banking sector. In this study, descriptive statistics was used to describe quality and quantity raw data on the impediments to strategic management in the Nigerian banking industry. It is important to note that a thorough understanding of descriptive statistics is essential for effective use of all normative and cause-and-effect statistical techniques, including hypothesis testing, correlation, and regression analysis. In conclusion, the result of the analysis 'showed that banks have really developed new ideas to contend with impediments to strategic management through new technology, new products and services, competent human resources and strategic branch locations to enhance performance and profitability.