Regardless of how robust a policy framework may be, it requires diligent execution, which is backed by strict adherence to corporate governance, to achieve its desired objectives. This was the submission of Stanbic IBTC as Nigeria seeks approaches to unlock its potential and navigate the economy towards sustainable growth and development.
As economic growth is driven by consistent investment and increase in productive outputs, the financial institution said it is committed to supporting Nigeria to actualize her developmental aspirations through interventions and partnerships in critical sectors of the economy.
On the sidelines of the 24th Nigerian Economic Summit, which held in Abuja between October 22 and 23, the bank avers that by examining the disconnect between policy formulation and implementation, chances of finding solutions to trigger socio-economic development in Nigeria are brighter.
Underpinning this year’s summit theme, “Poverty to Prosperity: Making Governance and Institutions to work”, is a push for permanent structural changes that would unlock Nigeria’s capacity to attain her potential, a mission which the Stanbic IBTC Group shares.
Stanbic IBTC, as part of the Standard Bank Group, Africa’s largest financial services group, is a major stakeholder in the effort to develop the continent. This explains the bank’s focus on critical sectors of the economy, including social interventions that will position the Nigerian economy for sustainable growth and development. Stanbic IBTC’s rich pedigree in Corporate and Investment Banking, Personal and Business Banking and Wealth Management underscores its strategic goals of supporting all segments of society and clientele.
According to Stanbic IBTC, Nigeria’s economic potential is massive and it will continue to seek opportunities in strategic sectors of the economy to grow its business while helping to create sustainable prosperity for the people. “As an institution that is in Nigeria for the long term, we are very committed to helping the country achieve her developmental aspirations. We will continue to identify partnership opportunities towards attainment of this goal.”
The Nigeria Economic Summit, which was initiated in 1993, has become a veritable platform for engagement between the public and private sectors where pressing economic issues and policies are dissected with the aim of proffering solutions to such issues.
It further expressed satisfaction with the strategic intent of the Startup Pitching Events, which was introduced into the Summit programme last year, to empower startups registered in Nigeria through access to opportunities that the summit avails. It would be recalled that Stanbic IBTC Bank has introduced a number of initiatives to empower start-ups and players in the small and medium enterprises segment.
On his part, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, who elaborated on the goals of the Economic Recovery and Growth Plan (ERGP), reiterated that execution priorities must be underpinned by a focus on governance and delivery to realize its objectives.