Heritage Bank advocates partnership in technological, infrastructural development

Heritage Bank Limited has called for stronger partnership between Nigeria and Russia for technological and infrastructural development.

Ifie Sekibo, managing director/Chief Executive Officer made this call recently at the side-lines of the just concluded 2019 Annual Meetings of the African Export-Import Bank (Afreximbank) in Moscow, Russia. He noted that Africa and Nigeria in particular has a lot to learn from the Russian Federation.

He stressed that Nigeria can leverage on stronger ties with Russian to enhance development in the area of infrastructure, aviation, technology, solar, hydropower energy and mining.

“If we carefully listen to the Minister of Foreign Affairs of the Russian Federation, Sergey Lavrov, he said the Russian investment in Africa had increased over the years to almost $20 billion in 2018. This clearly shows Africa and Nigeria especially need to key into these investments and get the best out of it”, Sekibo said.

“What we are seeing in Russia today is a testimony that they are giants in several areas of development and Nigeria has a lot to learn and gain and learn from them. Today Nigeria suffers from huge infrastructural deficit and a lot could be achieved from other countries of the world including Russia”.

“Russia is advanced in technology and in mining and I feel such cooperation with them will help Nigeria harness its mineral resources. We have huge mineral resources deposit in a lot of states in Nigeria and we can tap from the wealth of experience of Russia either in training of geologists or mining practises”.

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Also speaking on the importance of Nigeria being part of African Free Trade Area Agreement, AFCFTA, Sekibo said it is important for Nigeria to quickly join forces with other African countries on the agreement being the biggest economy in Africa.

“Nigeria today is seen as the Big Brother when it comes to the economy and African trade and we cannot shy away from such agreement. Such agreements give access to big markets and improved competitions among the member countries”.

“I feel strongly that Nigeria has a lot to gain if AFCFTA is signed. I also believe if it is properly leveraged on, it will do us better as a nation”, Sekibo said.

HOPE MOSES-ASHIKE

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.