Global Economic Meltdown and Its perceived effects on Branding of Bank Services in Nigeria

This research paper examines the impacts of the global financial crisis on the Nigerian banking industry with particular emphasis on branding of bank services. The objective of this study is to determine what effects the crisis had on the Nigerian economy and to examine its effects on branding of bank services. It also focused on measures put in place to mitigate the negative effects of economic meltdown by the central Bank of Nigeria. Primary data were generated through in-depth interview and the use of the questionnaire. The study employed the use of chi-square in analyzing the data obtained. The findings of this study pointed out the fact that the global economic meltdown had a deteriorating effect on all sectors in the economy and had a greater effect on the financial sector in Nigeria most especially the banking sector. However, this economic meltdown has a positive effect on branding of bank services. Banks are investing on branding more than ever before, in order to survive the turbulent environment. It is therefore recommended that the regulators of the banking sector need to strengthen their legal framework in order to close all avenues which may create gaps for unethical practices to take place. Managements of banks are also encouraged to embrace internal marketing in order to promote excellent service cultur