Standard Chartered Bank says its recent global research briefing was aimed at proffering solutions to the challenges facing the Nigerian financial market.
In a statement seen by OduNews, the bank said that the event which took place in Lagos provided a conducive environment for market leaders to dialogue on an array of key economic issues, ranging from the expected implementation of foreign exchange and monetary policy reforms to interventions needed to address the challenges in the oil and gas sector.
The Chief Executive Officer, Standard Chartered Bank Nigeria, Lamin Manjang, during the event, noted that the session came at a time of great uncertainty and volatility both globally and locally marked by the spectre of high inflation and slow growth.
Manjang said, “We have seen a very aggressive tightening of monetary policy across almost all central banks worldwide. In Nigeria, we have seen the same phenomenon of high inflation. But it’s not all doom and gloom. We have been through similar challenges in the past and we eventually came out of it.”
SCB’s Regional Head of Research, Africa and the Middle East, Razia Kahn, highlighted the need for greater reassurance on FX and other policy reforms in order for Nigeria to attract foreign investor participation.
Kahn said, “In terms of the policy response, Nigeria has perhaps been more tested than many other economies. A lot of the transmission of the different pressures into the great slowdown has been exacerbated by the policy decisions in Nigeria. Still, Nigeria stands apart from many of its African counterparts simply because it is seen to be an economy that has scale.”
While addressing the challenges within the petroleum industry, Khan moderated an oil & gas panel session which included, the former Head of Global Banking and Corporate and Institutional Banking, Leke Ogunlewe, SCB, Chikezie Nwosu, Managing Director and Chief Executive Officer, Waltersmith Petroman Oil Limited, and Treasurer, ExxonMobil, Femi Ogunbi.