Recession simply means negative growth in an economy over a specific period of time. I am not in a position to quantify the damage but I am in a position to know that a lot of things slowed down in line with the slowing economic growth, because the banking industry is a melting point of what goes on in the economy.

HERITAGE Bank Plc, has aligned forces with Cross River State and Senator Florence Ita Giwa-led Seagull Band to educate the people on Climate Change: A time for Change.

In the entire banking and finance sub sector, bad debt has been a big problem because the economy has been in recession for five quarters and businesses have been failing. Money has been very scarce especially with the tight monetary policy being implemented by the Central Bank of Nigeria, CBN, in order to control inflation. When you look at tight monetary policy and recession, it can only mean that a lot of loans are going bad, not just in microfinance but it is a bank-wide phenomenon.

The Trusteeship sector in Nigeria is one of the emerging giant sectors of the economy. Over the years, we have seen the emergence of several Trustee companies springing up across the country.

It is best to start saving for retirement when one is young. With moderate contributions set aside monthly, one can save for retirement and avoid carrying a heavy financial burden in old age. Young people have an excellent opportunity to start building up their retirement fund from their youth rather than carry the burden in their old age.