Lessons of Financial Sector Regulatory Reforms and Challenges of Real Sector Financing: A Regional Perspective

I. Introduction inancial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, technological advances and globalization. The changes included consolidation within and across markets, greater cross-border financial services provision, the emergence of new financial products and alternative wholesale markets and trading systems, a redefinition of the role of traditional financial services providers, and the use of new distribution channels, including e-finance. These changes have been triggered by regulatory changes/reforms notably by: liberalization (locally, regionally, and globally), market forces, and technological advances. In turn, these changes have led to new regulatory reforms as well as challenges particularly in developing countries such as Nigeria.