17 August 2018

Nigeria: Bank Restates Commitment to Nigeria's Aviation Growth

Despite the challenges surrounding the Nigerian aviation industry, Stanbic IBTC Bank Plc, a member of Stanbic IBTC Holdings, has reaffirmed its commitment to revamp the sector.

The bank alluded to the bottlenecks bedevilling the sector to include ageing aircraft, poor infrastructure, inadequate funding, safety and security issues, frequent flight cancellations, and inadequate manpower.

To address these challenges, harnessing strategic cooperation, and creating an enabling environment have been identified as pivotal factors to drive growth and development of the industry.

Speaking at an interactive session organised by the bank in Lagos recently, Chief Executive, Stanbic IBTC Bank Plc, Dr. Demola Sogunle, said Stanbic

IBTC realised the correlation between a vibrant aviation industry in Nigeria and economic growth, hence took up the initiative to support the development of the sector, in collaboration with other stakeholders.

He added that some of the areas where the bank offers financial service solutions include aircraft financing and leasing, advisory services, asset financing, aviation infrastructure development, and capacity building.

He also stated that the strategic alliance between the Industrial and Commercial Bank of China (ICBC) and Standard Bank has the clout and resources to support the Nigerian aviation sector to overcome its current challenges.

ICBC holds 20 per cent stake in Standard Bank, while the latter owns 64.4 percent in Stanbic IBTC.

"When we say Africa is our home, we mean every word of it.

Supporting the continent's development is a task we take very seriously", Sogunle stated.

Chief Executive Officer, African Aviation Services, Nick Fadugba, who spoke against the backdrop of Africa's below par performance in air transportation highlighted three key ingredients that will be helpful in halting the trend; saying having strong airlines, hub airports and an enabling environment.

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