WEF: Stanbic IBTC restakes support for Nigerian economy

WEF: Stanbic IBTC restakes support for Nigerian economy

Ahead of the World Economic Forum on Africa holding in Abuja, Stanbic IBTC, a member of Standard Bank Group, has reiterated its commitment to Nigeria’s socio-economic development.

Speaking at a press conference in Lagos yesterday, Chief Executive Officer, Stanbic IBTC Holdings PLC, Mrs. Sola David-Borha, said the global forum’s theme, ‘Forging Inclusive Growth, Creating Jobs,’ finds synergy with Stanbic IBTC’s strategic objective of building a franchise that will help individuals, organizations and businesses to achieve their goals.

Specifically referring to Nigeria, which is hosting the yearly forum for the first time since its inception 24 years ago, Sola David-Borha said Stanbic IBTC recognises the huge potentials that exist in the country and enjoined all stakeholders to see the forum as a platform to showcase Nigeria’s endowments to a global audience.

“That we identify with the ideals of the World Economic Forum and its hosting by Nigeria is yet another demonstration of our commitment to Nigeria’s socio-economic development. This is in turn founded on our deep belief in the country and its massive developmental potential. This forum will help focus attention on opportunities in Nigeria’s economy,” she stated.

She said the forum will provide a unique platform to scrutinize ongoing reforms in critical sectors of Nigeria’s economy with a view to strengthening policies and efforts to engender sustainable development in Africa’s most populous nation.

Nigeria, regularly adjudged one of the fastest growing economies in the world, is expected to generate both opportunities and prosperity for its people, she said, while emphasizing the Standard Bank Group’s determination to help the country accelerate the process.

Standard Bank and its Nigerian unit, David-Borha said, will finance bankable projects in critical sectors as the country increasingly emerges as a major investment destination.

“However, concerted efforts should be made to address challenges such as insecurity, epileptic power supply, roads and other transportation system, inadequate housing and security of lives and property, among others,” she stated.

David-Borha emphasised that government alone cannot provide all the funding required for development projects, a situation that underscores the need to create a friendly environment to attract private capital and expertise as well as build alliances for private and public partnerships (PPP) to thrive.

Stanbic IBTC boss said with the ever increasing global requirements of business, Stanbic IBTC, as part of Africa’s largest banking group, is well positioned to provide on-the-ground banking operations, staffed by expert teams familiar with local and international business conditions and regulations, to deliver excellent services across the globe.

Victor Williams, Executive Director for Corporate and Investment Banking, said the bank’s robust support in financing investments in critical infrastructure has a definite correlation to economic growth and development. This, he said, is based on the understanding that investment in infrastructure is central to enhancing economic productivity, empowering people and overall advancement of the society.

He said Standard Bank Group’s 151 years experience has been instrumental in funding and supporting critical projects across the continent. “Stanbic IBTC is committed to supporting infrastructure development, particularly those that have the potential to advance economic prosperity. Standard Bank Group’s long-standing experience in funding strategic infrastructure projects across Africa will be instrumental in contributing to Nigeria’s development. In so doing, we will help to drive economic growth by enhancing market access, technology acquisition, improving efficiency levels and creating employment opportunities,” he added.

Williams highlighted the bank’s role in providing financial support to individuals, businesses and governments to help unlock economic opportunities. Among these are Stanbic IBTC partnering with Standard Bank London and Afrinvest as lead arrangers of the historic $350 million Eurobond issue for Guaranty Trust Bank; arranging the largest telecommunications deal ever in Africa – a $2 billion syndicated loan for MTN Nigeria; the sole financing of the $100 million (N15.8bn) ultra-modern Ikeja City Shopping Mall, Lagos; providing US$200m into the syndication of Dangote Industries Limited’s US$3.3bn facility for the building of a greenfield fertilizer plant and crude oil refinery in Ondo State and serving as Joint Mandated Lead Arranger with FirstRand Bank Limited for a $100 million facility for Oando Wings Development Limited’s Office Complex, Victoria Island, Lagos.