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BANKS’ ROLE IN GALVANISING GROWTH TO BE ANALYSED IN 2017 REPORT ON NIGERIA

FBN Merchant Bank signs MOU with Oxford Business Group for new publication

Abuja, August 2017: A report out soon by the global research and consultancy firm Oxford Business Group (OBG) will highlight the pivotal part that Nigeria’s banks are playing in the country’s broader diversification efforts by boosting lending to the private sector.

The Report: Nigeria 2017 will chart the strong performance that the nation’s financial sector continues to deliver at home, despite the challenging economic climate, while also considering its role as a regional gateway. In addition, OBG’s publication will analyse the impact that a tight monetary policy, implemented against a backdrop of lower hydrocarbons revenues and currency volatility, has had on Nigeria’s lenders.

FBN Merchant Bank will team up with OBG for its forthcoming publication. Under the three-year memorandum of understanding (MoU), which is now in its second year, the bank will work with OBG to compile and produce the financial chapter of The Report: Nigeria 2017.

Lolade Sasore, Head of Marketing and Corporate Communications at FBN Merchant Bank, said she expects the bank’s partnership with OBG to explore the effect that the current economy and tight fiscal policy has had on both Nigeria’s lenders and borrowers.

“We are quite pleased to be working with OBG once again, and we believe the contributions from our experts and Research team will enrich the publication. This year our coverage will include sector analyses, and will examine the steps that financial institutions have taken to accommodate a difficult year while considering what the coming months are expected to bring”, she said.

Diana Rus, OBG’s country director, agreed that Nigeria’s dependence on the energy sector, alongside the decision to devalue the naira, had made 2016 a tumultuous year, but said new opportunities in emerging areas of the economy, such as insurance, ICT, agriculture and industry, offered plenty of scope for growth.

“The signs are that Nigeria’s economy is improving, albeit slowly, through a combination of loans and rising global oil prices,” she said. “The financial sector will remain central to national efforts to broaden the country’s economic base and reduce its reliance on hydrocarbons for revenues. I’m delighted that we have FBN Merchant Bank on board to support our analysis at such a critical point in this important market’s economic development.”

The Report: Nigeria 2017 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. The publication will also contain contributions from leading representatives, including His Excellency Muhammadu Buhari, President of Nigeria, Hon. Dr Emmanuel Kachikwu, Minister of Oil, Hon. Dr Audu Ogbeh, Minister of Agrictulure, Hon. Babatunde Fashola, Minister of Power, HE Christine Lagarde, Managing Director of IMF and Kayode Akinkugbe, MD/CEO FBN Merchant Bank among others.
The report will be available in print and online.

About Oxford Business Group

Oxford Business Group is a global research and consultancy company with a presence in over 35 countries, from Africa, Asia and the Middle East to the Americas. A distinctive and respected provider of on-the-ground intelligence on many of the world’s fastest growing markets, OBG has offices in London, Berlin, Dubai and Istanbul, and a network of local bureaus across the countries in which we operate.

The Report: Nigeria 2017 will be produced with the Nigerian Investment Promotion Commission and the Nigerian Economic Summit Group. Contributions will also be made by SIAO and FBN. Through its range of products, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments, including banking, capital markets, tourism, energy, transport, industry and ICT. OBG provides business intelligence to its subscribers through multiple platforms: Economic News and Views, OBG Business Barometer – CEO Survey, Roundtables and Conferences, Global Platform – exclusive video interviews, The Report publications and Consultancy division.

For more information please contact:
Basak Pasali, Director of Communications
E-mail: [email protected]

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