Nigeria’s leading investment banking firm, Afrinvest, held the 14th edition of its annual Banking Sector Report on November 18 at the Lagos Oriental Hotel. The launch was themed “Beyond the Precipice…Pulling Back from the Brink.” The event had in attendance captains of industry, top government officials, alumni of Afrinvest, distinguished guests such as Her Excellency, First Lady of Edo State, Betsy Obaseki and Former CBN Governor/current member of the Economic Advisory Council to the President, Prof. Charles C. Soludo, CFR.
The Banking Report, now in its 14th year, has cemented a reputation for Afrinvest as a leading authority on trends and analysis of the Nigerian banking sector. It is widely anticipated every year by Nigerian and international investors.
Recounting the tone and emphasis of the Afrinvest Banking Report over the last four years, Fatumata Soukouna Coker, Founder, Ygroup Holdings, and Chairman, Afrinvest Securities Limited, commented that the 2019 report celebrated the rebound of the 2016 economic recession and declared Nigeria open for business. The 2018 report titled An Economic Agenda for a New Government, focused on proffering solutions to the problems confronting the Nigerian economy. According to Fatumata, the 2019 report is an in-depth analysis of how the Nigerian banking sector has navigated the challenges posed by the current regulatory environment.
The 2019 Nigerian Banking sector report was presented by Ike Chioke, Group Managing Director, Afrinvest West Africa Limited. The report was based on data collected from the publicly traded banks. The report also showed a spike in the total loan portfolio of Nigerian banks from N15.7trn in 2018 to an estimated N16.1trn in 2019.
Speakers at the panel session, advised the government on how to improve the economy. They emphasized the need to reduce the cost of governance and enhance revenue generation at the sub-national level. E-voting was advanced as a means of making elections more credible in Nigeria and thus reducing investors perception of political risks.