Stanbic demonstrates strength for capital importation in Nigeria

…captures 28.30% of foreign inflows in 9M’24

Stanbic IBTC Bank demonstrated its strength as the leading bank for capital importation in Nigeria, capturing an impressive 28.30 percent of total foreign capital inflows in the first nine months of 2024.

This is based on capital importation data from the Central Bank of Nigeria (CBN), which shows that the bank leads with approximately $2 billion in capital imported through banks in the review period.

With approximately $2 billion in capital importation, the bank has demonstrated its ability to attract international investments during a critical economic reconstruction period.

This performance surpasses its 2023 figures of $919 million, highlighting the bank’s growing global credibility. At the heart of this success lies the organisations Fitch Triple A ratings for the Holding Company and the Bank subsidiary, which offer investors a beacon of stability in an uncertain global financial landscape.

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This remarkable achievement echoes the bank’s performance during the pivotal year of 2020, which was marked by unprecedented global economic challenges. The parallel with 2020 is particularly significant, coinciding with the onset of the COVID-19 pandemic, which significantly impacted Foreign Direct Investments (FDI) and Foreign Portfolio Investments (FPI).

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, expressed pride in the bank’s accomplishment: “We are incredibly proud of what we have achieved with this milestone, as our performance in capital importation goes beyond mere financial metrics; it reflects our strong commitment to making Nigeria an attractive destination for global investors.

“By utilising our international networks and deep local expertise, we facilitate capital flows and actively reshape Nigeria’s economic narrative in the post-pandemic global landscape.”

The $2 billion capital importation in 2024 is not just a number but a narrative of resilience. Where 2020 represented a survival challenge, 2024 symbolises strategic triumph – transforming pandemic-induced disruptions into opportunities for growth and international financial reconnection.