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Understanding the Economics of Nigeria's Banking Industry

September 8th, 2022

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About Bode Agusto

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Bode Agusto is an independent researcher and consultant on economics, finance, and business strategy. Agusto is the founder and first managing director of Agusto & Co. Limited.


Agusto & Co. is a credit rating agency and leading provider of economic research and industry analysis in Nigeria. After its inception in 1992, Agusto & Co. ventured into credit rating and became Nigeria's first credit rating agency licensed by the Securities and Exchange Commission. Agusto served as the company’s Managing Director for 11 years. Today, Agusto & Co. also offers its services in Kenya and Rwanda.


In 2003, President Olusegun Obasanjo awarded Agusto, the national honour of Member of the Order of the Federal Republic for his contributions to the Nigerian Economy. Subsequently, President Obasanjo appointed Agusto as the Director General and Special Advisor to the President on Budget Matters.  During his four years as Director General of the Budget, Nigeria ran budget surpluses every year and built savings that enabled the country to obtain debt relief and repay US$32 billion of the national debt. 

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Do macro-economic policies in the country help businesses and households thrive?


Is the banking industry healthy?

Can it grow loans to customers?

Can it create value for shareholders?


Where should businesses play?

How can businesses win?

Research on Sub-Saharan Africa

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