FBN Merchant Bank signs MoU with OBG on Nigerian report
• To analyse role of banks in galvanising economic growth
FBN Merchant Bank said it 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 role Nigerian 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 have 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.
The Head, Marketing and Corporate Communications, FBN Merchant Bank, Lolade Sasore, expects the bank’s partnership with OBG to explore the effects that the current economy and tight fiscal policy have had on both Nigeria’s lenders and borrowers.
“We are quite pleased to be working with OBG once again, and we believe the contributions from our experts and Research team will enrich the publication. This year, our coverage will include sector analyses, and will examine the steps that financial institutions have taken to accommodate a difficult year while considering what the coming months are expected to bring,” she said.
OBG’s Country Director, Diana Rus, agreed that Nigeria’s dependence on the energy sector, alongside the decision to devalue the naira, 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.
She said: “The signs are that Nigeria’s economy is improving, albeit slowly, through acombination of loans and rising global oil prices. “The financial sector will remain central to national efforts to broaden the country’s economic base and reduce its reliance on hydrocarbons for revenues. I’m delighted that we have FBN Merchant Bank on board to support our analysis at such a critical point in this important market’s economic development.”