Kayode Tokede
As the world continues to contend with the effects of the COVID pandemic, Standard Chartered Bank Nigeria Plc recently hosted the Global Research Briefing to identify the key concerns for the Nigerian financial market, pool solutions from a cross-section of financial & oil sector experts, and chart a course in a bid to reverse the negative situation.
In his welcome remarks, CEO, Standard Chartered Bank Nigeria, Lamin Manjang, noted that the session came at a time of great uncertainty and volatility both globally and locally marked by the spectre of high inflation and slow growth.
“We have seen a very aggressive tightening of monetary policy across almost all central banks in the world. in Nigeria, we have seen the same phenomenon of high inflation. But it’s not all doom and gloom. We have been through similar challenges in the past and we eventually came out of it,” he stated.
During her keynote presentation, SCB’s Regional Head of Research, Africa & the Middle East, Ms. Razia Kahn, highlighted the need for greater reassurance on FX and other policy reforms in order for Nigeria to attract foreign investor participation.
“In terms of the policy response, Nigeria has perhaps been more tested than many other economies. A lot of the transmission of the different pressures into the great slowdown has been exacerbated by the policy decisions in Nigeria. Still, Nigeria stands apart from many of its African counterparts simply because it is seen to be an economy that has scale,” she explained.
Addressing the challenges within the petroleum industry, Khan moderated an Oil & Gas panel session which included Mr. Leke Ogunlewe, former Head of Global Banking/Corporate and Institutional Banking, SCB; Mr. Chikezie Nwosu, MD/CEO, Waltersmith Petroman Oil Limited; and Mr. Femi Ogunbi, Treasurer, ExxonMobil.
Speaking on challenges brought on by the implementation of the Petroleum Industry Act, Mr. Ogunlewe noted that there were concerns regarding the regulation of the significant investments of oil & gas companies in social initiatives, particularly as they relate to their host communities.
“We now have a regulator that monitors these organizations in a way that is unfavourable to the communities. I’m curious to see how that is going to work out because I know from experience that several oil & gas companies spend much more than the PIA stipulates,” he stated.
Speaking on the session, Olukorede Adenowo, Executive Director, Corporate Commercial and Institutional Banking said, “As a global bank with a rich network of experience and expertise in Africa and the Middle East, we are in a unique position to support the massive shift of capital towards sustainable finance, which has become a priority for stakeholders (investors, clients etc) alike.”
