The present study empirically investigated the concept of risk management strategies as strong indicators of a financial sustainable banking system in the face of the recent global pandemic, (COVID 19). Specifically, the study addressed the effectiveness of product/service diversification strategies, risk hedging strategy, and corporate governance strategy on financial sustainability of the Nigerian banking industry in the face of COVID 19. Primary data via the use of research questionnaire administration served as the estimation technique while the data was analyzed using both the Pearson Correlation matrix (PCM) and multiple regression technique. Findings from the Pearson Correlation matrix (PCM) revealed that, banks’ financial sustainability exert positive (direct) but weak linear relationship with corporate governance strategy while banks’ financial sustainability exerts positive and strong linear relationship with product and service diversification strategies. However, risk hedging strategy was found to be negative but strong. The result further attest to the fact that, for the Nigerian banking to remain afloat, resilient, highly competitive, and financial sustainability in the midst of the recent global pandemic, it must have to put in place sound credit risk management strategies vis-à-vis product and service diversification strategy, and corporate governance strategy and that there should be reduction in banks’ risk hedging strategy as reported by the multiple regression result analysis. Most importantly, bank management should train and re-train all their staff on risk asset management mechanism, risk identification, risk control and monitoring on a regular basis.
Keywords: Financial Sustainability, Product diversification strategy, and global pandemic (COVID 19), corporate governance strategy, risk hedging strategy, service diversification strategy