Theproblems affecting the strategies adopted to tackling the threats toprofitability, growth and sustainability of the Nigerian banking industrywithin the last 5 years are insufficient fund; failing technology; massive sackof staff which has led to the lack of moral which may result to poorperformance of staff and of the sector; fraud from alternative channels;economic recession; and inability to lend to business, individuals, blue chiporganization such as government organization; etc. Other problems to thestrategies adopted to tackling the threats to profitability, growth andsustainability of the Nigerian banking industry within the last 5 years asstated by the respondents of this study include network challenges in operatingalternative banking channels; inconsistency of policies; cybercrimes; highinterest rate; mismanagement of funds to finance the banking industry;inadequate staffing; bad government policies and programmes; inadequatetraining of personnel; lack of basic amenities; inaccessibility to the masses;increase in the lending interest rate; creation of multiple exchange rate whichhave scared away foreign investors; information and communication technologicalchallenges; liquidity challenges; external factors such as drop in global oilprice. This implies that there are several problems that have affected thestrategies adopted to tackling the threats to profitability, growth andsustainability of the Nigerian banking industry within the last 5 years, thuscould hamper these strategies effectiveness and also the Nigerian bankingindustry. Someof the prospects of the strategies adopted to tackling the threats toprofitability, growth and sustainability of the Nigerian banking industrywithin the last 5 years include the a more stable financial institution afterbank consolidation in Nigeria; there is also increase financial performances bythe banks and restoration of confidence to the general public on security offunds; the reduction in embezzlement of funds; record keeping was introduced;management of funds; BVN was introduced to checkmate frauds as individualaccounts are being managed; prospective improvements in technological use andalso network development and improvement; future onboarding of most customersto alternate channels has improved income and also reduce overhead cost ofproduction; low government spending; rising debt; falling revenues; overregulation; increase in non-performance loan; weak capital base; bad ethics andprofessionalism; reliance on the public sector funds.Others include introduction of e-mobile transaction;customers have been enabled; stress among staff have been reduced in thebanking sector; there is also accountability; increase customer confidence;stable market system; reduced interest rates; creation of awareness; creatingand innovation of new products and services; staff are known to understandtheir job function more; discipline has been introduced in the banking sectoramong staff; rules and regulations have been well articulated to govern thebanking system; stabilization of goods in the market; recapitalization;regulatory framework and implementation; rising global oil prices; investingmore in the real sector other than government funds; costs saving measures areadopted; recapitalization; etc. Thisimplies that, within the last five years, there have been several prospects ofthe strategies adopted to tackling the threats to profitability, growth andsustainability of the Nigerian banking industry.
The findings of this study buttressed theworks of Asogwa (2005); Olokoyo (2011); Obamuyi (2012); Ayanda et al. (2013); Kalu and Mgbemena (2015); Achimugu et al. (2015); Adekola(2016) among others5.3 Limitation of the Results Amajor limitation of this result is that the study adopted only a qualitativemethod and does not give room for quantitative analysis of data. In addition, asmall frame (20) was drawn from staff of banks using a convenience samplingmethod which shows that staff in the banking sector of the Nigeria economy werenot fully represented in the study however, to an extent, the result of thisstudy could be used to draw inference from the sample size used to thepopulation of study. In addition, only the staff of the banking sector was usedand the study tends to neglect the views from the customers of the bankingsector and other stakeholders in the economy.