Standard Chartered Bank has announced plans to increase its investment in Nigeria and some other countries in Africa.

The bank said that the growth opportunities on the continent, especially Nigeria, were enormous.

It said it was, therefore, important for the country to focus on its strengths to boost investment.

A statement by the bank quoted its Africa’s Chief Executive Officer, Ms. Diana Layfield, as saying these during the just concluded Nigerian Economist Summit 2013 which was sponsored by the bank in Lagos on Tuesday.

She said, “Standard Chartered, an international bank with a deep local presence in Africa, is playing an important role in assisting the region to counter existing challenges and achieve sustainable progress.

“And we will like to assure Nigeria of our support in all the ways necessary to ensure that the growth and investment opportunities available are tapped in such a way as to bring about increased growth to the country and the region as a whole.”

Layfield also said that it was important for the economic integration in the region to be reinforced, adding that the integration had lagged over the years.

“Africa is the world’s second fastest growth region after emerging Asia, with sub-Saharan African Gross Domestic Product increasing by four times over a 10 year period. However, we all know that as a region, Africa trades less with itself than just about anywhere else, at least in terms of formal trade.

“Intraregional trade used to represent around 11 per cent of total trade. In recent years, that has increased to 14 per cent. However, this is still too low, compared to 80 per cent intraregional trade in the EU, and 60 per cent in Asia.”

While recognising that Africa has enjoyed record levels of investment and growth, Layfield explained that integration was essential for three reasons: scale, security and social development.

She said that the case for integration was not just economic but countries needed to open themselves up to their neighbours to allow for more trade complementary.

This, she noted, would lead to social development as well as greater security across the region.

The statement added that the two-day annual event, held in Lagos, was attended by more than 500 participants including high-level government officials and leaders of corporate firms.

It added the summit provided a platform for participants to share their views on a variety of subjects, including economic outlook and challenges in Nigeria, China’s role in the region, and actions needed to further facilitate and support Nigeria’s growth.

Source: Punch (By Udeme Ekwere)