Business
Investors Can No Longer Overlook Africa -Peterside
The Chairman, Stanbic IBTC
Holdings Plc, Mr Atedo Peterside, has said that with consistent improvement in political governance, an expanding middle class, huge consumer market and economic gowth rates averaging five per cent in the last decade, investors can no longer overlook the business opportunities in Africa.
A statement from the bank quoted Peterside as saying this at the ongoing African Leadership Summit in Washington DC, United States.
According to him, going by the changes that have taken place, the current spot lights on the current continent is well deserved, people are coming to Africa general to invest and to share in this last frontier where they expect rapid growth.
“If the British and French were the first to come as Africa has become more important and looks like a new favoured destination, other Western powers obviously want to accelerate their entrance into the game and get to the fore front. That is why you see the Chinese have made their presence felt,” he said.
He noted that the continent make the most of the interest and opportunities it has as good governance was vital, pointing out that African leaders should create competitive environment to attract investment to their respective countries.
Mr Peterside said I tried and look at the picture is to improve governance in Africa generally, to improve the economic policy direction.
“When you take all those big steps each country will find its own way to operate in a particular sector and even if one country doesnot have the best domestic policies to attract a particular investment, then, perhaps, they will move instead to a neighbouring country,” the chairman said.
The Statement added that Peterside had stressed that Stanbic IBTC and the Standard Bank Group, its parent company, which is willing to help the country to achieve its economic goals by providing the financing needed to boost critical sector of the economy.
He said the future holds great promise for all stakeholders as the Stanbic IBTC Group continues to seek opportunities in strategic sectors of the economy to grow its business in line with its future growth strategy.
“We understand that our long term sustained ability is dependent on the consistent provision of excellent service to our client and we are committed to ensuirng that their needs are met. Meeting the needs and expectations of our clients will remain our main priority,” the Statement declared.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.