Stanbic IBTC’s Africa Trade Barometer survey reveals encouraging trade growth – A member of the Standard Bank Group, Stanbic IBTC Holdings recently highlighted some of its most current results from the recently published Africa Trade Barometer report 2022. The report, which evaluates important economic statistics for Africa, highlights a number of significant events in ten different African nations.
According to the report, Nigeria is ranked eighth out of ten countries on the Africa Trade Barometer (ATB) after moving up two spots (from 10th to eighth position) on the Survey Trade Barometer (STB), which was primarily driven by directional improvements in traders’ financial behavior, and down one spot (from sixth to seventh place) on the Qualitative Trade Barometer (QTB) rankings.
Following the 2020 recession (primarily caused by the COVID-19 pandemic), Nigeria’s economic growth has largely recovered. 3.2% GDP growth is expected between 2022 and 2024, which is average.
Remy Osuagwu, Head of Business and Commercial Clients at Stanbic IBTC Bank, commented on the research and said that the findings are proof of how hard people and businesses have worked to create an atmosphere that is favorable to economic development.
The paper claims that Nigeria’s macroeconomic stability has greatly improved, business confidence has increased, and some small enterprises have grown thanks to responsible fiscal and monetary policies.
A greater openness to trade was also noted across the continent, according to the research. This encouraging trend has been made possible by a number of regional and multinational agreements that have lowered trade barriers and improved market access. Nigerian businesses are more positive about the possibilities for importing and exporting, with imports rising significantly and exports trending upward.
The study offers information on traders’ financial habits and financing options. It emphasizes the necessity for financial institutions to offer traders, particularly small and medium-sized firms (SMEs), affordable, accessible, and appropriate financial services to assist their growth and expansion. We at Stanbic IBTC are leading this movement because we have put solutions in place to support growing enterprises.
“The Africa Trade Barometer report 2022 analyzes a number of encouraging developments, difficulties, and tips for growing a business in the trade industry in Nigeria. These improvements show the country’s adaptability and economic potential, which should entice investors to look into investment opportunities in the area. We at Stanbic IBTC are still committed to helping our clients and business partners navigate the potential and difficulties that the African market presents, Remy continued.
