Nigerian Banks capable to Support Large Transactions, says First bank MD – Nigeria’s banking sector is robust and ready to support large-scale transactions, particularly from overseas investors, says Adesola Adeduntan, the Managing Director and CEO of First Bank of Nigeria Limited.
This assurance comes on the heels of President Bola Tinubu’s visit to the United Nations General Assembly (UNGA) in the United States. Accompanying him were several business magnates and bank executives, including Mr. Adeduntan. During this trip, President Tinubu emphasized his commitment to fostering a business-friendly environment in Nigeria, appealing to foreign investors to invest in the nation’s promising market.
Despite being the largest economy in Africa, Nigeria has seen a concerning drop in foreign exchange inflows, largely attributed to inconsistent leadership and fluctuating policies. This decline has strained the Naira, Nigeria’s currency, leading President Tinubu to advocate for more international investment to bolster the economy.
Speaking to Arise TV, Mr. Adeduntan highlighted the readiness and capability of Nigerian banks, particularly First Bank, to support and collaborate with foreign investors. “The Nigerian banking sector has matured considerably. We possess the required structuring capabilities to lead fundraising efforts for significant transactions,” he remarked.
He further pointed out the potential of the African market, forecasting that within a decade, Africa’s population might surpass that of China. This burgeoning market offers lucrative opportunities for foreign investors.
Emphasizing the vision of President Tinubu, Adeduntan noted, “The president is focused on inclusive growth, which is of paramount importance. The present is an opportune moment. Anyone who invests in Nigeria now will likely reap significant financial rewards within five years.”
However, Adeduntan also highlighted the need for the Nigerian government to pinpoint priority sectors for investment.
Interestingly, despite its stature, First Bank does not rank among the top three lenders drawing capital inflows into Nigeria. The leading trio consists of Citibank, Standard Chartered, and Stanbic IBTC, as reported by Financial Watch.