Some of the most current data from the recently released Africa Trade Barometer Report 2022 have been provided by a member of the Standard Bank Group. The report, which evaluates important economic statistics for Africa, highlights a number of significant events in ten different African nations.
According to the report, Nigeria is ranked eighth out of ten countries on the Africa Trade Barometer (ATB) after moving up two spots (from 10th to eighth position) on the Survey Trade Barometer (STB), which was primarily driven by directional improvements in traders’ financial behavior, and down one spot (from sixth to seventh place) on the Qualitative Trade Barometer (QTB) rankings.
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.
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.