Stakeholders in the Nigerian banking sector are hopeful that the nation’s economy would continue to witness growth, resurgence in revenue and Foreign Direct Investments (FDIs) inflow from now on.
The assurance was riding on the bank’s restated commitment to exploiting its international connections to ensure an increased flow of foreign capital into the economy, while the Federal Government’s policy drive and full implementation would serve as attraction for investors both local and international.
The Chief Executive Officer, Stanbic IBTC Holdings Plc, Yinka Sanni, made the pledge in Lagos, at the weekend, during the 2017 Standard Bank West to East Africa Investors’ Conference.
The four-day conference, themed: “Delivering on the Promise of Growth, the How and When,” started off with Stanbic IBTC Bank and Standard Bank officials leading a delegation of investors on a visit to the Vice President, Prof Yemi Osinbajo, the Nigerian Communications Commission, and other key stakeholders and policymakers in Abuja.
The Lagos gathering, which included a presentation by a representative of the International Monetary Fund (IMF), brought together foreign investors, policymakers, regulators, government officials, private sector players, and thought leaders to engage and explore growth potential and opportunities in Nigeria.
Sanni, while welcoming participants, said the conference was an opportunity to showcase the investment potential in the country to foreign investors, as well as provide a platform where participants can network and engage with key policymakers and business leaders in Nigeria.
According to Sanni, the bank is particularly pleased to note that there have been movements in key sectors in terms of investment activities, and expressed the hope for further growth in inflow of the much needed capital from foreign investors into the economy.
The Minister of Finance, Mrs Kemi Adeosun, said there is a huge opportunity for growth and that government is determined to boost revenue generation to deliver on its growth promises.
She said Nigeria is not an oil-based economy like the Middle East oil giants like Saudi Arabia, Iran, or UAE, and that to achieve the desired growth, it is imperative for the country to accept this and then properly benchmark its progress with similar economies like Argentina, and other non-oil based economies.
According to her, government had also adopted a project-based approach to development in key sectors, and is therefore, focused on growth drivers, driving non-oil revenue growth through appropriate taxation, fiscal discipline, and structural reforms in soft infrastructure such as enhancing the ease of doing business.
The Chief Executive, Stanbic IBTC, Dr. Demola Sogunle, expressed confidence that the bank through its regular engagements with local and foreign investors, via the conference and other initiatives, would continue to lead in attracting capital inflows into the economy.
Citing a recent report by the National Bureau of Statistics, Stanbic IBTC facilitated a staggering $589.84million capital inflow into the country in Q2 2017, ranking it first among financial institutions that imported capital into Nigeria.