Nigeria has been placed eighth out of the ten countries on the Africa Trade Barometer (ATB) after dropping one position (sixth to seventh place) on the Qualitative Trade Barometer (QTB) rankings and gaining two places (10th to eighth position) on Survey Trade Barometer (STB), which was driven mainly by directional improvements in the trader’s financial behavior.
Nigeria’s economic growth has largely recovered after the 2020 recession (primarily brought about by the COVID-19 pandemic). The projected economic growth (3.2% in 2022-2024) is average.
This is according to Stanbic IBTC Holdings, latest findings from the Africa Trade Barometer Report 2022 released recently.
The report, which assesses key economic indicators in Africa highlights several noteworthy developments across 10 African countries.
Speaking on the report, Remy Osuagwu, Head, of Business and Commercial Clients, Stanbic IBTC Bank, noted that the report’s findings are a testament to the hard work and commitment of businesses and people in creating a conducive environment for economic development.
According to the report, the macroeconomic stability in Nigeria has improved significantly, and business confidence has been boosted, with several small businesses growing through prudent fiscal and monetary policies.
The report also identified an increased trade openness across the continent. Various regional and multilateral agreements have facilitated this positive trend, reducing trade barriers and improving market access. Nigerian firms have become more optimistic about prospects for importing and exporting, a significant increase in imports, and a directional increase in exporting.
The report also provides insights into traders’ financial behavior and access to finance. It highlights the need for financial institutions to provide affordable, accessible, and appropriate financial services to traders, especially small and medium-sized enterprises (SMEs), to support their growth and expansion. At Stanbic IBTC, we are at the forefront of this action as we have implemented solutions to help businesses thrive.”
“The Africa Trade Barometer Report 2022 identifies several positive developments, challenges, and how to scale up a business in Nigeria’s trade sector. These developments demonstrate the country’s resilience and potential for growth and should encourage investors to explore opportunities in the region. At Stanbic IBTC, we remain committed to supporting our clients and partners in navigating the opportunities and challenges presented by the African market,” Remy added.