Economy In Q3 2019: Ecobank, Standard Chartered Lead In Capital Importation To Nigeria

Proshare

Saturday, November 30, 2019 / 12:00PM / Ecobank Nigeria / Header Image Credit: CardinalStone

 

According to the National Bureau of Statistics (NBS), Ecobank Nigeria and the local unit of Standard Chartered Bank have joined Stanbic IBTC Bank to become foreign investors' favourites for investment deals.

 

Details of the Bureau report showed that out of 26 banks foreign investors used to deploy foreign capital into the country, the most investment came through Stanbic IBTC Bank. The bank attracted $1.63 billion worth of investment in the third quarter of this year, lower than $1.76 billion it had in the previous quarter.

 

Ecobank followed with $754.38 million worth of foreign investment, while Standard Chartered Bank, a wholly-owned subsidiary of UK-based Standard Chartered Bank occupied the third position by attracting $502.47 million inflows. Access Bank got $477.55 million; Rand Merchant Bank, $430.15 million; Citibank Nigeria Limited; $350.95 million; while First Bank of Nigeria had $307.94 million.

 

According to NBS, while the total value of capital importation into the Nigerian economy fell by 7.78 percent to $5.36 billion in the third quarter of 2019 from the previous quarter, Ecobank Nigeria attracted $754.38 million worth of foreign investment, representing 55.41 percent more capital thus making the bank foreign investors' favourites for investment deals.

 

Commenting, Adetokunbo Uko, Country Treasurer, Ecobank Nigeria, said the Bank was leveraging on its pan-African strategy to attract capital to the nation's economy, stressing that the Bank remains committed to increasing capital flows to Nigerian financial market.

 

According to her, "As a gateway to the African market for foreign direct and portfolio investments, Ecobank Nigeria is leveraging on its Pan-African platform, people and products to contribute to the financial and economic development of Nigeria through provisions of foreign exchange solutions and fixed income products to local and foreign customers." "We remain committed to our African strategy, to increase capital flows to Nigerian financial market through enhanced product offerings, good customer experience and transparency in all transactions"

 

She restated the Bank's commitment to redouble its efforts on all fronts to remain foreign investors’ favourite for investment deals and also claim its rightful position in the industry.

 

Proshare Nigeria Pvt. Ltd.

Related News on Capital Importation

1.      Total Value Of Capital Importation Stood At $5,820.21m In Q2 2019 - NBS

2.     Total Value of Capital Importation into Nigeria Stood at $8,485.49m in Q1 2019

3.     Total Value of Capital Importation into Nigeria Stood at $16,812.47m in 2018 - NBS

4.     Capital Importation Q3'18: FPIs Move To Money Market

5.     Total Value of Capital Importation into Nigeria Stood at $5,513.55m in Q2 2018 - NBS

6.     Nigeria Capital Importation: Christmas Comes Early As Q3'17 Inflows Spike


Proshare Nigeria Pvt. Ltd.

 

Related News on Ecobank

7.     Ecobank Offers free access Charge on *326# USSD Short code; Calls for Stakeholder Collaboration

8.     Ecobank Chief Commends CIBN, Advocates Human Capacity Development For Banking Industry

9.      Ambrose Alli Varsity Awards Gambian President, Ecobank Chair, Others, Doctorate Degrees

10.   Airtel Africa Announces Partnership With Ecobank Group

11.    Lagos Commodities Exchange to Partner with Ecobank for Seamless Trade Settlement across Africa

12.   Ecobank Nigeria Celebrates Customers, Assures Of Sustained Excellent Service Delivery

13.   Ecobank Nigeria to lead CIBN Consultative Committee for Annual Banking and Finance Conference 2020

14.   Ecobank Nigeria Announces Appointment of Key Officers

15.   EcobankPay Hits N2bn Transactions Value; 100,000 Merchants Onboarded

16.   EcobankPay and Ecobank Xpresspoint Agents Are Leveraging Technology To Expand Financial Inclusion

 

READ MORE:
Related News
SCROLL TO TOP