Amid ongoing economic challenges, Stanbic IBTC Bank and experts have listed knowledge-based development and adherence to best practices as recipees for individuals and businesses to remain on the path of profitability and growth.
Reiterating that all is not lost with the economy at a session on economy, organised by Stanbic IBTC, titled: “Committed to Solutions that Drive Your Progress”, the experts reviewed trends in the economy that would assist stakeholders during these challenging times.
Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Babatunde Macaulay, said the forum was scripted to help its clients, not only to learn new things, but develop appropriate resilience to the economic situation in order to guard against vulnerabilities.
By providing such a platform to learn, added to financial solutions, the bank hopes to create long-term win-win relationships with individuals and businesses and the economy at large.
“We are always seeking to understand the needs of the entire spectrum of our clientele and that way, strive to connect with every market segment so that we can provide the much needed solutions to their financial needs,” he stated.
He reassured that the lender will remain committed to the development of Nigeria by supporting critical sectors of the economy and helping to highlight investment opportunities in the country.
Chief Executive Officer, Financial Derivatives Company Limited, Bismarck Rewane, noted that the drop in Nigeria’s inflation rate to 17.78 percent in February, the lowest level in 15 months, is uplifting.
He however, explained that what should be celebrated is the direction of the inflation, not necessarily the figure, because it is still in double digit.
“The easing of pressures on the local currency suggests that the Central Bank of Nigeria is beginning to do the right things, which should be sustained. Pulling the country out of recession requires significant spending on capital projects, which will trigger a multiplier effect leading to a gradual lessening of recession from the second quarter of 2017,” he said.
Rewane also listed some risks present in the economy to include a stumbling of the oil price rebound, further escalation of militancy in the Niger Delta and proper management of the borrowing programme.
Co-Founder and Director of Programmes, Co-Creation Hub Nigeria, Femi Longe, said the ability to identify new opportunities and develop appropriate business strategies based on the ingenious application of cutting edge technology will make a huge difference.
Rather than wait for foreign investment to drive Nigeria’s development, he said the country should explore home-grown solutions to its economic needs.
In pursuing this objective, Longe said partnerships between start-ups and businesses are imperative, while the expansion of social and economic enablers like power, roads, communication, ICT, transport, education and health will trigger exponential economic growth and aid the ease of doing business.