Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
Market Structure: Investigating Banking Competition in
Nigeria
Ayeni, Raphael Kolade*
This paper seeks to determine the level of competition in the Nigerian
banking sector. The need to investigate competitive condition in the
sector, following the recent reforms, motivated this paper. 18 out of the
24 banks in Nigeria were used based on availability of required data for
the period of bank consolidation in the country (2006 -2010). The Fixed
effect Panel model used by this study takes into account risk, efficiency,
regulatory and macroeconomic factors. The study employed the nonstructural method of Panzar and Rosse to compute the competitive index.
This method has been used by past researchers on varying countries
and is generally accepted. The results show that banks in Nigeria earned
their income under an averagely monopolistic competitive market; an
improvement over the oligopolistic structure in the past. The
consolidation policies driven by the Central Bank of Nigeria had probably
reduced market concentration leading to improved competitive
conditions.
1. Introduction
The word „‟competition‟‟ has not been given the right interpretation among businessmen.
In practice, businessmen use the word synonymously with
rivalry whereas, in
economic theory, perfect competition for instance, is a market structure characterized
by complete absence of rivalry among the individual firm. That is it implies no rivalry
among firms.
A competitive banking sector is important for the proper functioning of the economy.
Any modern economy that will function properly needs the banking sector as its
cornerstone. Just as we worry about efficiency implications if firms in the industrial
sector are competitive, banking sector efficiency, at a macro level, is a major concern to
any modern economy. The reasons for this are not far fetched.
Firstly, banks advance credit or loan to both firms and consumers and thus an
uncompetitive banking sector will lead to an under-provision of such credit or loan
(Claessens and Leaven, 2005). This may negatively impact the overall economic
performance of the country. Secondly, banks act as the primary conduct of monetary
policy. On this regard, a low level of competition in the banking sector may hamper the
effectiveness of monetary policy as banks may not respond appropriately to monetary
tightening and or erasing (Van Leuvensteijn et al,2008).It is for these reasons that study
to determine the level of competition in the banking sector has been a topic of interest to
academics, policy makers as well as the general public.
*Dr. AYENI, R.K. Department of Economics, Ekiti State University Ado-Ekiti, Nigeria
E-mail: raphkolayeni@yahoo.com
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Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
Despite the importance of such competitive research, there have been very few studies
in the literature addressing the issue of competition or the structure of banking industry
in Nigeria. Majority of studies on banking industry in Nigeria tend to concentrate on
banking sector and economic growth. Studies like Balogun (2007), Tuuli (2002),
Elbadaisi (1992), Fadere (2010) are all examples.
As a result, there remains a major gap in the economics of banking in Nigeria. What
market structure prevails in the banking industry in Nigeria is a major question this study
tends to answer.
Many authors such as, (Demsetz 1973), Berger (1995) and Mullineux and Sinclair
(2000), have given much criticism to using structural methods when measuring
competition in the banking sector. This paper therefore focuses on non-structural forms
of measurement which takes into account that banks behave differently depending on
the market structure in which they operate (Baumol 1982). Two models were used in
this study to ensure that the results of one model were not inaccurate due to data or
model issues. The non-structural model of Panzar and Rose (1987) approach were
used both at the short run and long run forms.
This paper is organized as follows; Section 2 discusses the development in the banking
sector in Nigeria and Review of some literature. Section 3 discusses the various
theories and methods used to measure competition and; gives a detail discussion of the
Panzar and Rosse approach. Section 4 provides the analysis and results of the Panzar
and Rosse methodology. Section 5 makes a comparison between the results of this
paper to outcomes found in comparable developed and developing economies. Finally,
section 6 concludes the paper.
2. Structure of Nigerian Banking System
According to Bello (2003), the structure of Nigerian banking system earlier, were
fragmented in terms of the number and size of institution, ownership pattern, profitability
and competitiveness. Added to this was the oligopolistic nature of the industry where
very few banks dominated the scene in terms of assets base, profitability and deposit
structure, with others being followers and competing for a narrow segment of the
market.
The banking industry then consists of mainly two types of services, retail and wholesale.
Retail banking is focused towards small group or individuals while the wholesale
banking caters for larger organization and other financial institutions.
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Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
Table 1.0: Previous Macroeconomic Policies in Nigeria Banking. (Before 19531976)
Year
Structure and Policy detail
Before Banking in Nigeria was completely unregulated.
1952
CBN identified a total of 22 banks as being registered between 1947 and 1952.
There were several bank failures and attendants losses to depositors. 1952
Banking Ordinance was ineffective as there was no central Bank to act lender
of last resort.
1954
Nigeria experienced rapid expansion of indigenous banking companies. This
was quickly followed by a high rate of bank failures which has claimed 21 of the
25 established banks. 16 of them collapsed alone in 1954.
1958
The central Bank of Nigeria was subsequently established by virtue of the
Central Bank Act of 1958.
1969
Due to the perception of foreign monopoly of the banking sector, the Banking
Act of 1969 was enacted. This requires all banks to be locally incorporated and
to publish their balance sheets on their Nigerian banking business only. Other
regulations were also made.
1972
The Nigerian enterprise Promotion Decree was promulgated to restrict foreign
ownership of the Nigerian business to a maximum of 60%.
1976
An amendment to the decree was promulgated to further restrict foreign
ownership of Nigeria business to 40%.
The adoption of the IMF-led structural adjustment program in 1986 which included a
broad program of financial liberalization with interest rate and entry into the banking
system liberalized, did not provide any significant improvement in Nigeria‟s key
economic indicators as gross domestic product (GDP) at 1980 constant prices declined
by 14.3% i.e from 7.5% in 1988 to 6.5% in 1989, while inflation rate increased from
34.5% in 1988 to 50.5% in 1989.
In order to improve this situation, the country allowed the establishment of foreign banks
in 1990. This resulted in an increase in the number of banks from 106 to 155 by the end
of 1997.
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Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
Table 2.0: The Macroeconomic Policies in Nigeria Banking (1997 – 2012)
Year Policy Detail
1997 CBN lifted restrictions on equity ownership of individual and corporate invention
in Nigeria banks. Individual or corporation can own 100% of the share capital
which was formally 10% and 30% for individuals and companies respectively.
1998 Due to the distress plagued many of these banks, the number of banks declined
to 89 as the federal government liquidate 27 ailing banks.
1999 Policies were introduced at this time when the inflation rate had reduced to 13%,
CBN minimum rediscount rate increased to 20.7%. The policies focused on the
pursuit of a low interest rate regime in order to support the real sector of the
economy, particularly efforts to narrow the gap between savings and lending
rates.
2004 Consolidation program began, with the need to strengthen the banks. Banks
were consolidated through mergers and acquisition, raising the capital base from
N2 billion to a minimum of N25 billion, which reduced the number of banks from
89 to 25 in 2005. In the process of meeting the new capital requirements, banks
raised the equivalent of about US$ 3 billion from the domestic capital market and
attract about $652million of FDI into the sector.
2006 The CBN replaced the minimum rediscount rate (MRR),
The rate it discounts debt instruments with the minting policy rate (MPR).
2010 The asset Management Corporation of Nigeria (AMCON) was established
following the promulgation of its enabling Act by the National Assembly. This is
to address the problem of non-performing loans.
3. Literature Review
So many researchers have concentrated on the measurement of competitive condition
in banking industry across global economy, but few in Nigeria.
Mulyaningsih and Daly (2011) examined the issue of competition in banking industry of
Indonesia, exploiting an unconsolidated annual financial report of all commercial banks
between 2001 and 2009. They employed the Panzar –Rose method to examine the
banks behavior in competition. Their results indicated that banks in all three
subsamples, large, medium sized and small are working in a monopolistically
competitive market. The study also showed that the most competitive market was the
medium sized banks because it was least concentrated.
Greenberg and Simbanegavi (2009), tested for competition in the South Africa banking
sector. Two non-structural method of measurement, namely the Panzar –Rose
approach and the Bresnaham model were employed by their study. The results of both
of these non-structural models showed that the South African banking sector faces a
high level of monopolistic competition, even characteristics of perfect competition.
Also, Simpasa (2011), conducted a similar study on the competitive condition in the
Tanzanian Commercial Banking Industry. The study utilized a rich bank level data set,
and employed the Panzar-Rose methodology to compute the competitive index, taking
into account risk, efficiency, regulating and macroeconomic factors. Their results
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Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
showed that banks in Tanzania earned their income under conditions of oligopolistic
conduct.
Mathew, Murinde and Zhao (2007) investigated competitive conditions in the UK
between 1980 and 2004 using Panzar-Rosse industrial organization approach. The
model posits that if the market is contestable, entry to and exit from the market will be
easy (even if the concentration of market share among firms is high), so that the prices
will be set equal to marginal costs. The study also employed panel data regression
model. The null hypothesis that the bank fixed effects are jointly zero was rejected at
1% significance level for the full sample and for the second sub-sample but not at all for
the first sub-sample. This indicates the usefulness of the fixed effects panel model that
allows for bank heterogeneity. The equilibrium test conducted also shows that the
market appears to be sufficiently in a state of equilibrium. The value of the contestability
parameter H, falls subsequently, suggesting that the degree of competition in UK retail
banking weakened over the period. The study concluded that the market in UK is best
characterized by monopolistic competition rather than either perfect competition or pure
monopoly.
Fadere (2010), investigated the effect of banking sector reforms on economic growth in
Nigeria over the period 1996-2009 using the ordinary least square regression technique.
The study established a strong and positive relationship between economic growth and
the total banking sector capital. But the study failed to establish the level of competition
among the banks in Nigeria.
4. Methodology
This study used the Panzar and Rosse (1987) approach to measure competition in the
Banking sector. This approach measures competition on panel data by comparing the
properties of each bank‟s reduced from revenue equation across time. Two of the
important assumptions underpinning this model are (i) that banks operate in their long
run equilibrium and (ii) banks hold a homogenous cost structure.
This model measures the level of competition by establishing how each of the individual
banks‟ revenues reacts to proportionate changes in input prices. If the banks act as
monopolies or at least in a monopolistic manner, and they face positive marginal costs,
they will produce where demand is elastic. An increase in input prices will increase
marginal costs, causing equilibrium output to decrease and equilibrium price to
increase. Given that their elasticity of demand is greater than unity, the increase in
prices will result in a reduction in the total revenue of the banks. This reduction in
revenue reveals that banks are acting in an anticompetitive manner (Greenberg and
Simbanegari; 2009).
The empirical investigation consists of deriving an index (the Panzar – Rosse H –
statistic) of the sum of the elasticity‟s of revenues to factors costs (input prices). If this
lies between 0 and 1, we have monopolistic competition or a partially contestable
equilibrium, whereas H < o would imply a monopoly and H = 1 would imply perfect
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Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
competition or perfect contestability. The key point is that if the market is characterized
by perfect competition, an increase in input prices will not affect the output of firm‟s
while it will under monopolistic competition.
Panzar and Rosse have defined an h-statistic as the sum of the elasticity of the banks‟
revenue with respect to a change in each of m factor input prices. The H- statistic is
therefore
m
 Ri* wki 
H   .
. * 

w
k 1  . ki Ri 
Where Ri*  the equilibrium revenue for bank i
wki = input prices of factor k for bank i
The H – statistic derived by Panzar and Rosse is positively related to the level of
competition in the banking sector. The summary of the testable hypotheses of the
theory are provided in table 3.0
Table 3.0: The Panzar – Rosse H – statistic outcomes
Estimated H Competitive Environment/ Equilibrium
H ≤0
Monopoly/colluding Oligopoly – Each bank operates under
monopoly profit maximizing conditions. H is a decreasing function of
the perceived demand elasticity
O<H<1
Monopolistic competition – free entry but where banks operate with
some excess capacity. It is an increasing function of the perceived
demand elasticity.
H=1
Perfect competition – free entry with full capacity utilization.
Source: Greenberg. J.B et al (2009)
The reduced form model for the revenue equation applied to this study is stated as
nREV it   0   1nPEX it   2 nPCPit   3 PFDit  1nEQTAS it   2 nNLTAS it  .............
..........   3 nDEPSTit   4 nCIRT  iINF   i  vit
...(1)
REV = bank revenue for firm i at time t.
PEX = personnel expenses to employers (the unit price of labor) which in interest
expense per Total deposit.
PCP = ratio of capital assets to fixed asset (the unit price of capital).
PFD = the ratio of annual interest expenses to total loanable funds (the unit price of
funds)
Independent variables are given by bank specific factors denoted by:
NLTAS = Net loan to Total Asset ratio. This is a bank specific risk-taking element
of Nigeria banks, reflecting both credit and interest rate given the special
features of loans in a bank‟s portfolio.
EQTAS = Equity to Total Asset ratio. This is the proportion of bank equity to total
assets.
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Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
DEPOSIT = Total market customers‟ deposits to control for aggregate local
demand for banking services or deposit penetration intensity on the degree
of bank competition.
CIRT = Cost-to- income Ratio aimed at capturing efficiency gains on revenue and
hence degree of competitiveness. The co-efficient of CIRT is expected to be
negative,
indicating
that
inefficiency
performance
limits
bank‟s
competitiveness conduct.
INF = Inflation rate, which represents the effect of macroeconomic condition and stance
of monetary policy on bank performance. It is also expected that the coefficient of
INF be less than zero. A high rate of inflation negatively affects bank‟s revenue
performance and lowers the level of competitive conduct.
µi = bank-specific fixed effect error firm
vit = idiosyncratic disturbance term.
The contestability parameter, H, is given as H=1 + 2
One of the assumptions of the Panzar-Rosse approach is that it is valid when applied to
a banking market in the long-run equilibrium. Hence a test was conducted to this effect.
The test for long-run equilibrium is given by Equation 3 with ROAA denoting the
returning on average assets adjusted to account for possibility of negative profit rates.
nROAAit   0   1nPEX it   2 nPCPit   3 PFDit  1nEQTAS it   2 nNLTAS it  .............
..........   3 nDEPSTit   4 nCIRT  iINF   i  vit
...(2)
Equilibrium is argued to exist in the market if E= 1+     0
If E ≤0, there is disequilibrium, otherwise, there is equilibrium.
1
2
1
3
5. Sample and Data
For the sample and data, the study focuses on the latest time period of consolidation
and available data (2006-2010). Bank level data and used for 18 banks out of the 24
banks in Nigeria. The reason was that, only the 18 banks have full financial summary for
the period under study. The data were sourced from the BGL Banking Reports, an
internationally credible source.
6. Findings
The results for test of equilibrium are given first in table 4.0.
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Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
Table 4.0: Fixed Effect Estimation Result of Market Equilibrium of Nigerian Banks.
Variable
Coefficient
Std. Error
p-value
Constant
3.8746***
2.1880
0.0813
Ln PEX
0.1618
0.2920
0.5814
LnPCP
0.0921
0.12770
0.4731
LnPFD
-0.2247
0.2633
0.3966
Ln(EQTAS)
0.0898
0.2352
0.7038
Ln(NLTAS)
-0.2987
0.2953
0.3156
Ln(DEPOSIT)
-0.2168
0.1519
0.1582
Ln(CIRT)
-0.7601**
0.3101
0.0170
LnINF
-0.5438
0.3120
0.861
Dependent variable: ln ROAA
E=
0.029
R2= 0.46
H0:
= 0: F(8,90)= 2.20*
H0:
E = 0; F (1, 90) = 2.68
prob = 0.0590
*Significant at 1%; ** significant at 5%; *** significant at 10% level.
The null hypothesis that the bank fixed effects are jointly zero (H0: = 0) is rejected at
the 1% significance level (p value = 0.0059). This indicates the usefulness of the fixed
effects panel model that allows for bank heterogeneity.
The main focus of interest in table 3 is the equilibrium test, and this is given as E =
0.029. The F-test for this shows that E is not significantly differently from zero at 5%
level. Since E is not significantly different from zero, it shows that the market appears to
be sufficiently in a state of equilibrium that it is valid to continue to investigate the extent
of competition using the Panzar-Rosse methodology.
Furthermore, the non-rejection of the long-run equilibrium hypothesis (H0: E =0 ) in the
Nigerian Banking sector means that the net income as a share of total assets is not
connected with input prices. It is to be noted here that our hypothesis of long-run
equilibrium holds for the full sample.
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Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
Table 5.0: Test of Banking Market Competition with Fixed Effect
Variable
Coefficient
Std Error
p-value
Constant
-0.6638
1.5095
0.6616
PEX
0.5693**
0.2014
0.006
PCP
0.0771
0.0881
0.3845
PFD
-0.2209
0.1816
0.2284
EQTAS
0.0546
0.1622
0.7372
NLTAS
-0.0605
0.2037
0.7672
DEPST
0.9487*
0.1047
0.0000
CIRT
-0.3660***
0.2139
0.0920
INF
0.2877
0.2152
0.1861
Dependent variable : lnREV
R2 = 0.84
H0:= 0 F(8,90)= 13.726* prob = 0.000
H0:H = 0; F (1, 90) = 0.7415
Due to the short span of the sample, the long-run equilibrium could not be tested for
individual years. The results of the contestability test using the Panzar-Rosse
methodology are presented in table 5.0.
The value of the contestability parameter, H, which is the sum of the input elasticities, is
given as 0.65 in table 4. The F- statistic for H supports the fact that the contestability
parameter is significant at 5% level. This implies that the banking market in Nigeria is
best characterized by monopolistic competition since 0<H<1.
The independent variables adequately explain the regression as given by the overall Fstatistic.
Furthermore, with the exception of the risk-taking element (NLTAS), all other bank
specific explanatory variables have expected signs. Also, equity to total asset ratio
(EQTAS), is not significant. This suggests that Nigerian banks are not constrained by
regulatory burden in their competitive conduct.
The negative sign and the insignificance of NLTAS can be interpreted further. This
suggests that banks exposure to credit risk has a limited impact on the bank‟s revenue
generation and hence competitiveness. This could also project the importance of risk
free treasury sections in Nigerian banks.
The estimated coefficient in DEPST is highly significant. This suggests that deposit
intensity and market demand for bank services in critical to the bank‟s competitiveness.
Banks with a large deposit base tend to generate more revenue by intermediating these
funds into loans and other interest bearing investments.
The coefficient of CIRT, a measure of bank efficiency, carry the expected negative sign
and significant at the 10% level. Banks with lower CIRT are termed more efficient. This
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Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
result suggests that in the Nigerian banking market, banks with lower CIRT performed
better and were therefore well positioned to compete more favorably than the less
efficient banks in the market.
The effect of macroeconomic uncertainly, proxied by the rate of inflation (INF) is positive
but not significant. This suggests that inflationary pressure do not significantly affect the
revenue generation of Banks in Nigeria, hence the competitions.
As earlier discussed, the degree of competitiveness, given by the magnitude of the
estimated H – statistics confirms the existence of monopolistic completion in the
Nigerian banking market. This means that, bank‟s revenue were sufficiently sensitive to
input cost thereby signaling some degree of competitive pressure at play in the Nigerian
banking sector.
This result is consistent with previous studies in developing countries, especially
Simpasa (2011) for Tanzanian Banking sector, Greenberg et al (2009) for South African
Banking sector and Mulyaningsih, et al (2011) for Indonesian banking sector.
7. Conclusion
This paper examined the nature of competitive condition in the Nigerian Banking sector
between 2006 and 2010 using the Panzar- Rosse methodology. The estimated
competitive indicator, the H- statistic derived from a revenue equation shows that the
market structure in which banks in Nigeria operate can be characterized by monopolistic
competition. The finding goes along with previous research results, particularly in
developing countries. Some of the findings of previous empirical results are presented
in Appendix 1.
However, given the averagely high magnitude of the competitive index in Nigeria
banking sector, there is scope for development and deepening of the degree of
competitiveness of the sector. Regulatory authorities, the Central Bank of Nigeria,
should further explore opportunities that enhance bank‟s competitiveness especially
given the on-going banking reforms in the country. Such measures as, consolidating the
macroeconomic environment for banking services and encouraging the spread of
banking services to remote areas to allow bank accessibility.
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Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
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Proceedings of 8th Annual London Business Research Conference
Imperial College, London, UK, 8 - 9 July, 2013, ISBN: 978-1-922069-28-3
Appendix 1: H-Statistic for Selected Developing Economies
Country
Argentina
Brazil
Chile
Colombia
Croatia
Indonesia
Kenya
H-statistic
0.73
0.83
0.66
0.66
0.56
0.62
0.58
Country
Lebanon
Malaysia
Mexico
Pakistan
Paraguay
Russian
Turkey
H-statistic
0.69
0.68
0.78
0.48
0.60
0.64
0.46
Country
Ecuador
South Africa
Turkey
Ukraine
Poland
Russia
Sri-Lanka
H-statistic
0.68
0.85
0.46
0.68
0.77
0.54
0.71
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