Standard Chartered Bank Provides Insight to Funding Manufacturing Sector

(L-R): Benjamin Dike - Head, Business Banking Nigeria, Standard Chartered Bank Nigeria; Mr Declan Ugwu - Assistant Director of Investigation and Enforcement, NAFDAC; Mr. Fred Akingbesote - Deputy Director MANCAP, Standard Organisation of Nigeria (SON); Ezekiel K.C - Assistant Controller General (ZONE A) Nigeria Customs; Lamin Manjang - MD/CEO, Standard Chartered Bank Nigeria; Mr. Udofia Ofon - Institute of Exports Operations Management and Mr. Babatunde Faleke, Nigerian Export Promotions Council at The Confluence event hosted by the Bank recently.

Standard Chartered Bank, recently hosted the first edition of its Business Banking industry event, The Confluence, as part of its efforts to deepen sustainability in the Nigerian manufacturing industry and promote business financing. The event brought into perspective the growing demands in the industry.

Themed “The Path to Sustainable Manufacturing”, the event provided a platform for stakeholders in the manufacturing industry as well as key regulatory organisations such as NAFDAC, Standard Organisation of Nigeria (SON), Institute of Exports Operations Management, Nigerian Export Promotions Council and the Nigerian Customs to identify points of collaboration to grow the Manufacturing sector in Nigeria. The panel of experts came up with critical insights to boost the sector and the various supports and interventions available to the players, especially in these challenging times. The event created an avenue for these stakeholders to network and exchange invaluable industry intelligence.

Speaking at the event, Lamin Manjang, the Managing Director/CEO of Standard Chartered Bank Nigeria Limited highlighted the importance of the manufacturing sector in driving economic growth in Nigeria, noting that access to market and financing are crucial to business development. Within the Bank, he added that there are available solutions for clients that are hinged on its global expertise, network, capabilities and financial strength. These include advisory services, working capital, asset and trade financing, wealth management and trade services among others.

“The manufacturing sector is critical to the advancement of every economy, however as with most developing countries it is hampered by an array of challenges including infrastructural deficit and capacity development. A growth in the manufacturing sector bears a strong and positive impact on Nigeria’s economy through import substitution, a shift from imports to exports, job creation, amongst other notable factors. At Standard Chartered Bank Nigeria Limited, we have identified these challenges and have put in place diverse solutions such as provision of working capital, cross boarder and yield enhancement to help businesses thrive.”

“The Confluence’’ was organised to examine the gaps in financing businesses in Nigeria and to establish solutions that drive sustainable growth in the sector. We are committed to strengthening businesses through our globally accepted banking solutions which we believe will foster significant growth in the country’s macroeconomic environment. This is one of many ways we as a Bank continue to reiterate our brand promise to be Here for good.” He added.

With over 160 years of international experience, Standard Chartered Bank offers an expert blend of in-depth local knowledge with extensive global expertise to provide tailored services to companies to fund business growth.