Economy In Q3 2019 : Ecobank, Standard Chartered Lead In Capital Importation To Nigeria
National Bureau of Statistics (NBS) says Ecobank Nigeria and the local unit of Standard Chartered Bank have joined Stanbic IBTC Bank to become foreign investors’ favourites for investment deals.
Details of the Bureau report showed that out of 26 banks foreign investors used to deploy foreign capital into the country, the most investment came through Stanbic IBTC Bank. The bank attracted $1.63 billion worth of investment in the third quarter of this year, lower than $1.76 billion it had in the previous quarter.
Ecobank followed with $754.38 million worth of foreign investment, while Standard Chartered Bank, a wholly-owned subsidiary of UK-based Standard Chartered Bank occupied the third position by attracting $502.47 million inflows. Access Bank got $477.55 million; Rand Merchant Bank, $430.15 million; Citibank Nigeria Limited; $350.95 million; while First Bank of Nigeria had $307.94 million.
According to NBS, while the total value of capital importation into the Nigerian economy fell by 7.78 percent to $5.36 billion in the third quarter of 2019 from the previous quarter, Ecobank Nigeria attracted $754.38 million worth of foreign investment, representing 55.41 percent more capital thus making the bank foreign investors’ favourites for investment deals.
Commenting, Adetokunbo Uko, Country Treasurer, Ecobank Nigeria, said the Bank was leveraging on its pan-African strategy to attract capital to the nation’s economy, stressing that the Bank remains committed to increasing capital flows to Nigerian financial market.
According to her, “As a gateway to the African market for foreign direct and portfolio investments, Ecobank Nigeria is leveraging on its Pan-African platform, people and products to contribute to the financial and economic development of Nigeria through provisions of foreign exchange solutions and fixed income products to local and foreign customers.” “We remain committed to our African strategy, to increase capital flows to Nigerian financial market through enhanced product offerings, good customer experience and transparency in all transactions”
She restated the Bank’s commitment to redouble its efforts on all fronts to remain foreign investors’ favourite for investment deals and also claim its rightful position in the industry.
Cover Of The Week
- Jubilee Insurance and Allianz forge Strategic Partnership October 20, 2020
- Africa Women Innovation and Entrepreneurship Forum Announces Speaker Line-up for AWIEF2020 Conference October 20, 2020
- Coronavirus - Gambia: Daily Case Update as of 19th October 2020 October 20, 2020
- Winners of Uganda Press Photo Award and East African Photography Award Announced Canon strengthens October 20, 2020
- 5th Africa Fintech Summit to be held virtually October 20, 2020
- Five Key Factors for a Future-Oriented Digital Transformation of Electric Power Enterprises October 20, 2020
- Date set for Rugby World Cup 2021 Draw October 20, 2020
- Pulse Nigeria reaches 2.5 million Instagram followers: Pulse leads digital news media distribution throughout Africa with its growing social community October 20, 2020
- Coronavirus - Nigeria: Assistance from World Health Organization (WHO) to improve COVID-19 Diagnostic Testing in Nigeria October 19, 2020
- Coronavirus - Africa: WHO COVID-19 Africa Update (19 October 2020) October 19, 2020
celebrity radar - gossips2 months ago
Popular Yoruba Actor, Kanran Smiles Again, gets Car, Cash, Property Worth Millions (video)
Metro2 months ago
8 People killed in Edo over ₦100
Sports2 months ago
Prophet TB Joshua Speaks To Messi
celebrity radar - gossips2 months ago
BREAKING: Names of the Three Cabin Crew Revealed As Third Person Onboard Helicopter Crash Dies In Hospital