Standard Chartered Bank highlights importance of manufacturing sector to economy

Business News

 

THE manufacturing sector is critical to the advancement of every economy, however as with most developing countries it is hampered by an array of challenges including infrastructural deficit and capacity development.”

Lamin Manjang, the Managing Director/CEO of Standard Chartered Bank Nigeria Limited stated this when he highlighted the importance of the manufacturing sector in driving economic growth in Nigeria.

He spoke at an event organised by the bank, “The Path to Sustainable Manufacturing”, as part of its efforts to deepen sustainability in the Nigerian manufacturing industry and promote business financing.

“A growth in the manufacturing sector bears a strong and positive impact on Nigeria’s economy through import substitution, a shift from imports to exports, job creation, amongst other notable factors.

“At Standard Chartered Bank Nigeria Limited, we have identified these challenges and have put in place diverse solutions such as provision of working capital, cross boarder and yield enhancement to help businesses thrive,” he said.

Within the Bank, he added that there are available solutions for clients that are hinged on its global expertise, network, capabilities and financial strength. These include advisory services, working capital, asset and trade financing, wealth management and trade services among others..

“We are committed to strengthening businesses through our globally accepted banking solutions which we believe will foster significant growth in the country’s macroeconomic environment. This is one of many ways we as a Bank continue to reiterate our brand promise to be Here for good.”  he added.

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