Stanbic IBTC committed to FDIs

Bonny Amadi
Stanbic IBTC, has restated its commitment to exploit its international connections to ensure an increased flow of foreign capital into the economy. Chief Executive, Stanbic IBTC Holdings PLC, Yinka Sanni, gave the pledge on Thursday in Lagos at the 2017 Standard Bank West to East Africa Investors’ Conference it hosted.

The four-day conference, themed ‘Delivering on the Promise of Growth, the How and When’, started on Monday, 18/9/2017, with Stanbic IBTC 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, brought together foreign investors, policymakers, regulators, government officials, private sector players, and thought leaders to engage and explore growth potential and opportunities in Nigeria, including.

Sanni 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 the country. According to Sanni, “Stanbic IBTC is particularly pleased to note that there have been movements in key sectors of the economy in terms of investment activities.” Sanni said he expects to see further growth in inflow of much needed capital from foreign investors into key sectors of the economy.

Meanwhile, Minister of Finance, Mrs. Kemi Adeosun, special guest at the event, said there is a huge opportunity for growth and that government is determined to boost revenue generation to deliver on its growth promises.

The minister said Nigeria is not an oil-based economy like the Middle East oil giants such as 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 the minister, the government has 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. She said government will also continue to encourage private capital through appropriate policies.

Chief Executive, Stanbic IBTC Bank, Dr Demola Sogunle, lauded the minister and expressed confidence that Stanbic IBTC, through its regular engagements with local and foreign investors, via the investors’ conference and other initiatives, would continue to lead in attracting capital inflows into the economy.

A recent report by the National Bureau of Statistics showed that Stanbic IBTC facilitated a staggering $589.84 million capital inflow into the country in Q2 2017, ranking it first among financial institutions that imported capital into Nigeria.

Stanbic IBTC Holdings PLC is a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group, to which Stanbic IBTC Holdings belongs, is the largest African Bank by assets and market capitalization. It is rooted in Africa with strategic representation in 20 countries on the African continent, including South Africa.