Home Business & Economy Stanbic IBTC pledges support for Nigeria’s economic growth

Stanbic IBTC pledges support for Nigeria’s economic growth

Stanbic IBTC has reiterated readiness to assist Nigeria attain economic inclusion and sustainable growth.
Chief Executive, Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, while speaking on the sidelines of the recently concluded 21st Nigerian Economic Summit, said the potential of Africa’s biggest economy is almost limitless and that concerted efforts are required to stimulate an all-inclusive development.
Underpinning this year’s theme “Tough Choices: Achieving Competitiveness, Inclusive Growth and Sustainability,” is a push for permanent structural changes that would enhance broader participation in the economy and build capabilities in developing appropriate policies and practices, a vision shared by the Stanbic IBTC Group, David-Borha stated.
David-Borha, who is Vice President of the Nigerian Economic Summit Group, noted that despite emerging Africa’s foremost economic power, Nigeria’s growth in the last decade has remained largely non-inclusive, with high youth unemployment, massive poverty and low developmental index rankings as major drawbacks.
She said, “The decline in price of commodities among other reasons has led to a challenging operating environment. This situation nonetheless presents a unique opportunity to deepen discourse on quickening the development of the country’s growth sectors and to further highlight the opportunities therein in order to sustain the attractiveness of Nigeria as a preferred investment destination in Africa, in addition to achieving competitiveness in a sustainable way.
“Nigeria’s economic potential has reached the phase of actualization,” she added.
According to her, rebuilding consumer and business confidence has become imperative in order to create the impetus for increased investments in critical sectors and place the economy on a much faster growth path.
She noted that the Standard Bank Group would continue to highlight growth opportunities in the economy and to seek opportunities in strategic sectors of the economy to grow its business while helping to create sustainable prosperity for the people.
“As an institution that is in Nigeria for the long run, we are very committed to helping the country achieve her developmental aspirations. We will continue to identify partnership opportunities towards the sustained development of Nigeria’s economy,” she said.
The 21st Nigerian Economic Summit, took place from October 13-15, 2015 at the Transcorp Hilton Hotel, Abuja, was a departure from the sector-specific focus of the three previous editions following the successful change in administration in Nigeria and the current dynamics on the global economic landscape and its effect on the country.

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