FBN Mer­chant Bank signs MoU with Ox­ford Group on Nige­ria re­port

Daily Trust - - BUSINESS -

FBN Mer­chant Bank will team up with the global re­search and con­sul­tancy firm, Ox­ford Busi­ness Group (OBG) to pro­duce the fi­nan­cial chap­ter of The Re­port: Nige­ria 2017, high­light­ing the piv­otal part Nige­ria’s banks are play­ing in the coun­try’s broader di­ver­si­fi­ca­tion ef­forts by boost­ing lend­ing to the pri­vate sec­tor.

The re­port 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.

This part­ner­ship comes un­der the three-year mem­o­ran­dum of un­der­stand­ing (MoU) be­tween FBN Mer­chant Bank and Ox­ford Busi­ness Group, which is now in its se­cond year. The re­port will be a vi­tal guide to the many facets of the coun­try, in­clud­ing its macro­eco­nomics, in­fra­struc­ture, bank­ing and other sec­toral de­vel­op­ments.

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.

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.

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