Standard Bank's Chris Newson 'keeps hope alive' for a stronger Nigerian economy
Mr Chris Newson, the chief executive officer of Stanbic IBTC, a subsidiary of South Africa's Standard Bank lent a voice to the growing number of voices proclaiming hope in the Nigerian economy. Check out the story below as reported by Next (www.234next.com). Stanbic optimistic on Nigerian loan growth Nigeria’s banking sector could see 20-25 percent loan growth over the next three to five years as demand for both consumer and infrastructure finance increases, the chief executive officer of Stanbic IBTC said. Chris Newson, head of the Nigerian unit of South Africa’s Standard Bank, said growth would be driven by Nigeria’s significant infrastructure finance needs as well as the emergence of small businesses and a growing middle class. “If you think about what would be a reasonable level of growth within risk assets across the industry, our sense is a 20-25 percent is not completely unrealistic,” Newson said on Monday in an interview as part of the Reuters Africa Investment Summit. Afri...