NOVA Merchant Bank Attracted $65.12m Foreign Direct Investment in 2023
NOVA Merchant Bank has announced that it has achieved a remarkable 76.1 per cent increase in Foreign Direct Investment (FDI) for the year 2023.
Surpassing market expectations, the achievement positions NOVA as a key player in attracting international capital, showcasing its prowess in navigating global financial markets.
In a recent report by National Bureau of Statistics (NBS), NOVA not only secured a coveted spot in the top 10 list of banks attracting foreign investment but also demonstrated a substantial surge in FDI from $36 million in 2022 to an impressive $65.12 million in 2023.
This significant growth underscores the bank’s ability to foster global confidence and highlights its strategic vision in capitalizing on opportunities in the ever-evolving financial landscape.
The analysis showed that while Stanbic IBTC led banks with the highest capital inflow, recording $99.4 million; NOVA Bank secured its position as one of the top 10 banks, with a substantial inflow of $33.5 million - 8.2 percent below Access Bank and ahead of Standard Chartered and Union Bank, which each recorded $14.4 million and $10 million respectively within the top 10 list.
Corroborating this, a report by the Bureau of Statistics showed that NOVA not only secured a place among the top 10 list of banks attracting foreign investment but also recorded a remarkable 76.1% increase in foreign direct investment (FDI) year on year. This surge is evident, with FDI inflow catapulting from $36 million in 2022 to an impressive $65.12 million in 2023. With half a decade in operation, NOVA has proven to be a force in the Nigerian banking scene.
Interestingly, since its inception in 2018, NOVA has consistently posted profits, reflecting its sound financial strategies and operational efficiency. Moreover, the Bank’s non-performing loan ratio consistently maintains an enviable 0.2%, a remarkable achievement by industry standards. This low ratio speaks volumes about NOVA’s prudent lending practices. Such meticulous attention to asset quality underscores the Bank’s best-in-class governance and management discipline, setting a benchmark for industry peers.
It is also noteworthy that NOVA remains in the forefront of foreign investment attraction given its relatively young presence in the banking industry, spanning just over five years and solidifying its position as a leading financial institution both domestically and globally.