Economy
Experts Brainstorm at Stanbic IBTC Business Forum
By Modupe Gbadeyanka
Amid Nigeria’s current economic headwinds, a message of relief is coming from Stanbic IBTC Bank and experts on how individuals and businesses can weather the storm and remain on the path of profitability and growth.
This glimpse came at a knowledge sharing economic update session organized by Stanbic IBTC Bank with the theme “committed to solutions that drive your progress” to review the latest trends in the economy and to assist individuals and organizations attain their business objectives. Over 70 participants attended the event, which took place in Lagos on Tuesday, March 14, 2017.
In his welcome address, Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Mr Babatunde Macaulay said apart from providing clients the opportunity to learn new things, the forum was also meant to help them develop appropriate resilience to the economic situation in order to guard against vulnerabilities.
By providing such a platform to glean important information and backing it up with financial solutions, the bank hopes to create long-term win-win relationships with individuals and businesses and the economy at large.
“We are always seeking to understand the needs of the entire spectrum of our clientele and by so doing, strive to connect with every market segment so that we can provide the much needed solutions to their financial needs,” he stated.
Macaulay reiterated that as an African institution, the Standard Bank Group, to which Stanbic IBTC belongs, will continue to demonstrate commitment to the development of Nigeria by supporting critical sectors of the economy and helping to highlight investment opportunities in the country.
Among issues dissected at the forum, headlined by Chief Executive Officer, Financial Derivatives Company Limited, Bismarck Rewane and Co-Founder and Director of Programmes, Co-Creation Hub Nigeria, Femi Longe, were the economic outlook, indicators and forecasts, trends and opportunities around innovation and digital technology for Nigerian businesses.
Diagnosing the current economic trends, Bismarck Rewane noted that the drop in Nigeria’s inflation rate to 17.78 percent in February, the lowest level in 15 months, is uplifting.
However, what should be celebrated is the direction of the inflation, not necessarily the figure, which is still double digit.
The easing of pressures on the local currency, he stated, suggests that the Central Bank of Nigeria is beginning to do the right things, which should be sustained.
Pulling the country out of recession, he emphasized, requires significant spending on capital projects which will trigger a multiplier effect leading to a gradual lessening of recession from the second quarter of 2017.
However, some risks to be considered in the economic dynamic include a stumbling of the oil price rebound, further escalation of militancy in the Niger Delta and proper management of the borrowing programme. He said the meeting of the Monetary Policy Committee (MPC) slated for Lagos on 20th – 21st March will provide further insight on the economic direction.
Femi Longe, who spoke on ‘Technology and the Nigerian Economy,’ said the benefits of technology and innovations are innumerable for the individual, business and economy. The ability to identify new opportunities and develop appropriate business strategies based on the ingenious application of cutting edge technology will make a huge difference, he said. Rather than wait for foreign investment to drive Nigeria’s development, he said the country should explore home-grown solutions to its economic needs. In pursuing this objective, Longe said partnerships between start-ups and businesses are imperative. The expansion of social and economic enablers such as power, roads, communication, ICT, transport, education and health will trigger exponential economic growth and aid the ease of doing business in the country, he added.
Stanbic IBTC Bank is a subsidiary of Stanbic IBTC Holdings PLC, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 153 years and is focused on building first-class, on-the-ground financial services organisations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.
By Modupe Gbadeyanka
Stakeholders in the aquaculture subsector in Nigeria have been promised adequate support through favourable policies and financial inclusion.
This promise was made by the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, during a high-level consultative meeting with fisheries cooperative groups in Abuja on Wednesday.
Participants informed the Minister some of the challenges affecting the fishing business in the country, including overfishing, environmental degradation, lack of access to affordable finance, post-harvest losses, inadequate cold storage infrastructure, poor transportation and market linkages, low youth involvement, multiple taxation by local government authorities, and the rising cost of imported fish feed.
They appealed to the federal government to support them to end Nigeria’s dependence on fish importation so as to transform the sector into a powerhouse of food security, employment, and export competitiveness.
In his remarks, Mr Oyetola said the government would look into the demands, noting that efforts are being made to support women and youth in the fishing sector with start-up grants and other empowerment initiatives.
“We will scale up domestic fish production, reduce dependency on imports, and reposition the sector for sustainable growth,” he said, adding that, “Increasing youth participation in aquaculture is not only vital for food production but also a strategic solution to reducing unemployment. We are committed to ensuring that young people and women are not left behind in this transformation.”
According to him, discussions are ongoing with the World Bank to secure financial support for fish farmers and that the ministry will be collaborating with the Nigerian Agricultural Insurance Corporation (NAIC) to ensure affordable and accessible insurance coverage for fish farmers across the country.
“We are also in talks with the Federal Ministry of Water Resources to replicate the successful aquaculture model at the Oyan Dam in other parts of the country,” he added, pointing to integrated planning and inter-ministerial cooperation as key pillars of the strategy.
“This meeting is not the end — it is the beginning of a sustained and transformative dialogue,” the Minister assured.
The meeting, convened by the Federal Ministry of Marine and Blue Economy, brought together leaders and members of major fisheries and aquaculture associations, including the Fisheries Cooperative Federation of Nigeria (FCFN), Tilapia Aquaculture Developers Association of Nigeria (TADAN), Catfish Farmers Association of Nigeria (CAFAN), Women in Fish Farming and Aquaculture, and the Practicing Farmers Association of Nigeria.
By Aduragbemi Omiyale
Shares of First HoldCo Plc are currently being on high demand at the Nigerian Exchange (NGX) Limited after information got out that serial entrepreneur, Mr Femi Otedola, is now in control of about 40 per cent of the financial services provider.
On Wednesday, the company was the busiest equity on Customs Street, selling 10.5 billion units valued at N324.5 billion.
The off-market block trading was executed through negotiated deals as the transactions were privately arranged between parties and then reported to the bourse.
It was learned that 17 separate deals took place involving First Securities Ltd as the buyer with CardinalStone Securities Limited, Meristem Stockbrokers Limited, Renaissance Capital (Rencap) Securities Limited, Regency Asset Management Limited, United Capital Securities Limited, Stanbic IBTC Stockbrokers Limited, and First Securities Limited also as sellers in some deals.
According to reports, the former chairman of First HoldCo, Mr Oba Otudeko, gave up more than 20 per cent of his stake in the organisation to his rival, Mr Otedola, who increased his shareholding from 15 per cent to 40 per cent, putting him in almost total control of the firm, which operates the flagship First Bank of Nigeria Limited.
It was gathered that Mr Otedola bought the 5 per cent equity stake belonging to another long term shareholder; the Hassan-Odukales, after voluntarily quitting the company.
Business Post observed that on Thursday, investors are jostling to take position in the company because of the latest acquisitions by Mr Otedola, who they believe could bring stability to the fold.
At the time of filing this report at midday trading, shares of FirstHoldCo were up by 9.94 per cent to N35.40 per unit from the N32.20 per unit they closed at midweek.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has announced that its 301st Monetary Policy Committee (MPC) meeting is scheduled to take place on Monday, July 21 and Tuesday, July 22, 2025.
The MPC meeting, which will be held at the MPC Meeting Room located within the CBN Headquarters in Abuja, is one to watch as inflation eased again last month.
At the last meeting in May, which coincided with the 300th session, the team retained the Monetary Policy Rate (MPR) at 27.50 per cent, the second consecutive hold in 2025.
This second pause in rates came after six consecutive hikes recorded in 2024
The CBN also retained the asymmetric corridor around the MPR at +500/-100 basis points, the Cash Reserve Ratio of Deposit Money Banks at 50.00 per cent, and that of Merchant Banks at 16.00 per cent, while keeping the Liquidity Ratio unchanged at 30.00 per cent.
The MPC based the decision on improvements in macroeconomic indicators at the time.
Now, analysts say the MPC may consider cutting interest rates since inflation has slowed for yet another month in June 2025.
On Wednesday, the National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation rate moderated for the third consecutive month to 22.22 per cent in June 2025 from 22.97 per cent in May 2025. It was 23.71 per cent in April 2025, down from 24.23 per cent in the prior month.
According to the latest Consumer Price Index report released by the bureau, the year-on-year figure reflects a 0.75 percentage point decline from the previous month and a significant 11.97 percentage point drop when compared to June 2024, which recorded an inflation rate of 34.19 per cent.
The food inflation rate stood at 21.97 per cent year-on-year in June, a sharp drop from 40.87 per cent recorded in June 2024. This significant fall is attributed largely to the base year effect.
On a month-on-month basis, food inflation rose to 3.25 per cent in June, up from 2.19 per cent in May, driven by price increases in staples such as tomatoes, pepper, dried green peas, crayfish, shrimps, meat, plantain flour, and ground pepper.
The decision next week will hinge on the ability of the county to navigate economic challenges including inflationary pressures, foreign exchange volatility, and the global economic outlook.
Despite these, many quarters including the World Bank and the International Monetary Fund (IMF) have lauded reforms introduced by the federal government aimed at boosting local production and reducing demand for forex, noting that such moves would help dampen inflationary pass-through.
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