[Nigeria Business Week] Andrea Ayemoba: Q3 stats show industries thriving, strong investor confidence
Nigeria earns every week its place as Africa’s largest economy. While subject to the typical ups and downs any market is expected to have, its mere size guarantees a general continuity of business operations even in the face of a spiraling inflation trend.
This week has seen favorable developments in the banking sector, one of the country’s most robust industries. Firstbank has taken digital self-service by the hand in unveiling a fully automated branch.
Access Bank showed an industry interest in promoting contemporary African arts - partnering with Art X of Lagos. The bank, also in Lagos, gave women entrepreneurs and startups a boost with a favorable loan scheme that’s meant to inspoire and empower SMEs.
On a more somber note, five Nigerian banks have received sanctions from The CBN and the SEC over forex and money laundering offenses. All Nigerian Banks have issued a deadline for accepting the £20 and £50 notes, following the Bank of England’s announcement of the impending withdrawal of said notes.
Consumer Goods giant, Unilever, has responded to the ongoing pandemic crisis by commencing what it called a hybrid working structure to establish safety protocols for employees. The company also showed an increased Q3 revenue for the year.
Nigerian beverage company, Champion Breweries, had a shining performance, leading the best-performing consumer goods stocks in October 2021.
Nestlè Nigeria shareholders have a reason to celebrate as the Food and Beverage company announced an almost N20b interim divided to be paid out to its shareholders.
As is the case towards every year end, fuel scarcity has been a recent cause for worry in the country. The Nigerian National Petroleum Corporation (NNPC) has however reassured the public of sufficient fuel supply, as well as its intention to maintain the current pricing policy.
Natural Gas is about to see some expansion in the country, with Shell establishing a new energy business line - Shell Energy Nigeria – the objective of which is to deliver reliable energy for power generation.
Telecom giants Glo and MTN made a positive appearance this week, the former set to boost connectivity in rural areas and the latter poised to sell millions of shares to the Nigerian public. MTN is rated the most profitable company in Nigeria. The telecom giant, along with four other companies, now show a combined worth upwards of $36bn.
On an international level, Nigeria maintains a healthy foreign reserve, although its public debt remains significant. Sectors such as transportation and technology have seen an impressive growth trend over the last few years, and investments worth billions of dollars have poured into the local economy. These developments have weathered the intermittent fluctuation of the naira to the dollar and investor confidence has stayed strong.