Leading international research firm, publishing information on emerging economies, The Business Year (TBY), in collaboration with the Lagos Chamber of Commerce and Industry (LCCI), have concluded plans to host the crème of the nation’s business leaders to a forum themed, “Harnessing Digitalization in Nigeria’s Financial Sector.”
The event which is slated for Lagos, is a closed-door discussion gathering leading representatives from the finance sector to discuss the role of digitalization in banking.
Blessed with a wealth of natural resources, favorable climate, and a population of over 180 million, Nigeria offers a myriad of opportunities to investors across all sectors. However, its strong reliance on hydrocarbons means that the global uncertainty brought by low oil prices over the past few years, accompanied by a plunging national currency, have adversely impacted its economy. In light of this, the government has embarked on a solid diversification drive, developing a number of programs aimed at re-launching growth, such as reforms in the oil and gas sector and the much-awaited Economic Recovery and Growth Plan (ERGP).
The financial sector plays a vital role in this recovery. Back in 1958, William Gladstone, before becoming Prime Minister of the UK in 1868, expressed the importance of the financial sector as follows: “Finance is, as it were, the stomach of the country, from which all the other organs take their tone.” A well-functioning banking sector is essential to promote efficiency in financing decisions and in the allocation of resources. For the last couple of years, Nigerian banks have been grappling with the economic downturn and a shortage of foreign currency. This challenging operating environment, however, has helped propel the use of technology and innovative business models in financial services and given rise to dynamic disruptors in the Fintech space.
The roundtable event will provide an opportunity for the sector’s leaders to discuss how Fintechs are changing the face of retail banking, the opportunities that exist for mutual growth between Fintechs and traditional banks, and the impact of innovation in fostering financial inclusion and overall economic prosperity.
The roundtable discussion will take place on Wednesday, August 9 at the Eko Hotel and Suites in Victoria Island, Lagos, and will be facilitated by TBY’s editor-in-chief, Mr Leland Rice.
Roundtable discussions are just one of the many signature features of The Business Year, with such events being organized on different themes across the 30 countries the firm operates in. The banking theme for the Nigerian event was specifically requested by TBY’s subscribers. TBY is in Nigeria to conduct research on the country’s economy and business climate through approximately 120 face-to-face interviews with business leaders across all sectors. This will result in the firm’s fourth publication on Nigeria, the annual publication The Business Year: Nigeria 2018, which will be published in the first quarter of 2018.