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The Nigerian banking industry, being the second largest in sub-Saharan Africa after the South-African banking industry, has evolved and undergone remarkable transformation over the years. As such, the evaluation of the Performance Measurement Systems (PMS) of banks in Nigeriabecomes highly desirable. In response, this research was undertaken to: identify the elements of PMS; investigate the appropriateness and effectiveness of PMS; and assess the interrelationship between the PMS and strategy in the Nigerian banking industry. Statistics such as charts, percentage analysis, Wilcoxon, Chi – square, Kruskal Wallis, and Mann- Whitney U tests were employed for data analyses. Following research findings that traditional financial measures were commonly used in the Nigerian banking industry, the study recommends the adoption of more innovative PMS to improve performance. Also, the inclusion of performance measures like innovation, continuous improvement, and risk management should be enshrined in the PMS of the Nigerian banking industry to strengthen monitoring.
Oyewo Babajide Michael (Wed,) studied this question.