Ecobank pledges support for capital importation into Nigeria

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Ecobank, CIBN, Nigeria, AFRIMA

By Babajide Komolafe

ECOBANK Nigeria Limited said it will continue to leverage its pan-African platform to facilitate capital importation (foreign investment) into Nigeria.

This follows statistics from the National Bureau of Statistics (NBS) which showed that Ecobank Nigeria was among the top three banks in terms of capital importation into the country in the third quarter of the year (Q3’19). The other banks are Standard Chartered Bank and Stanbic IBTC Bank.

Details of the Bureau report showed that out of the 26 banks foreign investors used to deploy foreign capital into the country, the most investment came through Stanbic IBTC Bank. The bank attracted $1.63 billion worth of investment in the third quarter of this year.

Ecobank followed with $754.38 million worth of foreign investment, while Standard Chartered Bank, a wholly-owned subsidiary of UK-based Standard Chartered Bank occupied the third position by attracting $502.47 million inflows.

Commenting, Adetokunbo Uko, Country Treasurer, Ecobank Nigeria, stated: “As a gateway to the African market for foreign direct and portfolio investments, Ecobank Nigeria is   leveraging on its Pan-African platform, people and products to contribute to the financial and economic development of Nigeria through provisions of foreign exchange solutions and fixed income products to local and foreign customers.”

Vanguard

Source:

https://www.vanguardngr.com/2019/12/ecobank-pledges-support-for-capital-importation-into-nigeria/

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