NES 2016: Stanbic IBTC Supports Drive for Made in Nigeria Products


By Nume Ekeghe

Stanbic IBTC, a member of Standard Bank Group, has announced its support for efforts aimed at promoting Nigeria-made products as the country refocuses its attention on local production. The new focus area, according to the organisation, aligns with its pledge to support critical sectors of the economy through financing and advisory services pivotal to unlocking the country’s economic potential.

Chief Executive, Stanbic IBTC Bank, Mr. Yinka Sanni said there is no better time than now to seek home-grown solutions as the country currently grapples with economic challenges. Sanni was speaking against the backdrop of the 22nd Nigeria Economic Summit, which will be focusing on the promotion of ‘Made-in-Nigeria’ products.

Despite being Africa’s foremost economic power, Sanni noted that Nigeria has been largely import-dependent, a situation that has particularly stalled local manufacturing capacity, apart from consistently piling pressure on foreign exchange reserves.

“With a very large internal market, demand for locally-made products should be able to spur growth of local manufacturing and processing across different sectors of the economy,” he stated.

According to him, Stanbic IBTC will continue to develop solution, products and services to support individuals and businesses, which will ultimately move the country forward in its socio-economic trajectory.

“As a developmental partner, Stanbic IBTC will continue to take the lead in supporting the growth of critical sectors of the Nigerian economy. Being an African institution, our long-term goal is inextricably tied to the growth and development of Nigeria and the African continent in general,” he added.

The 22nd Nigerian Economic Summit is scheduled to hold in Abuja from October 10 to 12, with experts and resource persons from both the public and private sectors brainstorming on how to refocus the Nigeria economy to attain its full potential.