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Design Week Lagos Joins Forces with Ecobank and Ministry of Arts, Culture, Tourism and Creative Economy to Launch “2025 Design and Innovation Exhibition”

Design Week Lagos is partnering with Ecobank Nigeria and the Ministry of Arts, Culture, Tourism, and Creative Economy to present Nigeria’s inaugural Design and Innovation Exhibition 2025.

Hannatu Musa Musawa, Minister of Art, Culture, Tourism, and the Creative Economy, stated: “This exhibition offers a distinctive avenue for our nation’s economic advancement. By harnessing the synergy between Nigerian creativity and the manufacturing sector, we can modernize and innovate our products, promote the production of Nigerian creativity and furniture, and strengthen our economic connections.”

Titi Ogufere, Founder of Design Week Lagos and the Design, Innovation, and Inventors Hub of Nigeria, shared her vision for the event: “The Design and Innovation Exhibition 2025 is more than a celebration of design; it represents a bold step toward positioning Nigeria at the forefront of the Fourth Industrial Revolution. By fostering collaborations between designers and manufacturers, we aim to develop innovative products that not only serve local markets but also establish Nigeria as a global leader in design and manufacturing exports. This initiative underscores our commitment to building a sustainable industrial ecosystem that celebrates local talent and drives economic growth across Africa.”

” At a pivotal moment in Nigeria’s creative economy, the Design and Innovation Exhibition 2025 will showcase the finest in furniture, product, and industrial design. This year’s exhibition will focus on the theme ‘Building a Made-in-Nigeria Brand, ’celebrating the creativity, innovation, and craftsmanship of Nigerian designers and manufacturers while emphasizing industrialization and export potential,” Ogufere said.

Omoboye Odu, Head of SME, Partnerships, and Collaboration at Ecobank, said partnering for the exhibition is yet another demonstration of Ecobank’s commitment to driving innovation, collaboration, and capacity building, which is the backbone of the nation’s economy.

“Ecobank is the solution for African banking, and we are committed to giving our customers the platform to network, collaborate, and partner to promote innovation and creativity. We are proud to be part of the process to spotlight homegrown innovations and sustainable practices across various sectors.” Odu said.

The event will feature the Manufacturer and Designer’s Pavilion, spotlighting collaborations between manufacturers and designers, as well as the Designer’s Pavilion, where 50 individual designers will present new concepts across a variety of design disciplines, including furniture, toys, automotive, and industrial design, reflecting the diversity of Nigeria’s creative landscape.

Interactive spaces will also be a key part of the exhibition, including:

The Maker’s Room, where visitors can witness the design process in action.
The Material Lab, showcasing sustainable material innovations.
The Umbrella Crate Stall, offering a fresh perspective on informal markets.
The Design Den, an exciting platform for designers to pitch ideas to investors, promoting collaboration and industry growth.

A standout feature of the event will be the Titi Lai Lai Showcase, a curated concept store that will present exclusive pieces from renowned Nigerian designers and artists such as Victor Ekpuk, Banke Kuku, Mama Nike, and the Nike Art Gallery. This collaboration will highlight the fusion of art and design, celebrating the use of local materials and the rich cultural heritage of Nigeria.

Last year’s exhibition by Design Week Lagos, garnered significant attention with groundbreaking collaborations, including AFP by Julius Berger teaming up with Temitope El Shabazz, Woodstyles collaborating with Tosin Oshinowo, TRT Aredo working with Myles Igwebuike, and IO Furniture partnering with Q. These partnerships produced innovative, Made-in-Nigeria designs that pushed the boundaries of local craftsmanship.

Building on that success, the Design and Innovation Exhibition 2025 will expand even further, with 25 new collaborations between designers and manufacturers presenting cutting-edge, original works. This year’s exhibition continues to showcase the seamless blend of creative vision and technical expertise, setting a new standard for design excellence in Nigeria.

Ecobank Nigeria to Host Design and Build Expo, Featuring Premier Exhibitors

Ecobank Nigeria is set to host its inaugural Design & Build Expo, aimed at highlighting the latest trends, innovations, and sustainable practices in architecture, construction, building materials, household appliances, engineering, and interior design. This carefully curated five-day event tagged “Building Nigeria Together” will take place from November 27 to December 1, 2024, at the Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos, starting daily at 10:00 am. Approximately 60 exhibitors have already signed up to present their products and innovations at this significant fair.

During the event announcement in Lagos, Omoboye Odu, Head of SMEs, Partnerships, and Collaborations at Ecobank Nigeria, emphasized that the expo is part of the bank’s broader initiative to support the country’s economic development. The expo aims to provide a platform for professionals in the design and building sectors to showcase and sell their offerings to a larger audience, while also facilitating valuable networking opportunities for entrepreneurs, consumers, and stakeholders in the economy.

The expo will focus on businesses that include real estate development, kitchen fittings, tiling and flooring, interior design, lighting, woodwork, electronics, and construction tools and equipment.

“As a Pan-African bank, this expo aligns with our mission to contribute to the economic growth of the countries we operate in. It’s a unique opportunity for industry players to showcase their products, network, and promote the adoption of sustainable practices, emphasizing renewable materials and energy-efficient technologies,” Odu stated.

Ms. Odu also highlighted that exhibitors would gain significant exposure to key decision-makers, influencers, and potential clients, allowing them to showcase their offerings and engage in interactive sessions, workshops, and live demonstrations. This will enhance their brand visibility, provide valuable market insights, and help them explore emerging industry trends. She concluded with an open invitation to stakeholders and enthusiasts in the real estate sector – asking that they join us at this novel exhibition and collectively let us combine forces in Building Nigeria Together.

In addition to the expo, Ecobank Nigeria has launched various initiatives to support SMEs and boost the economy, including the successful Adire Lagos Experience, +234 Art Fair, Ecobank National Schools Team Chess Championship, and Oja Oge 2024. The bank is also conducting its monthly MySME Growth Series, aimed at training and empowering over 1 million SME operators nationwide by the end of the year.

Ecobank Nigeria Announces Third Edition of ‘Adire Lagos Experience’

Ecobank Nigeria says it has concluded plans to host the third edition of ‘Adire Lagos Experience’. The planned four days exhibition will take place at the ultra-modern Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos from Thursday, June 14th till Sunday, 17th, 2024. Announcing the program in Lagos, Adeola Ogunyemi, Head, Consumer Banking, said the exhibition will feature authentic Adire fabric displays from over 100 diverse merchants, indigenous cuisine, and African entertainment, adding that there will be series of masterclasses, as well as networking opportunities with entrepreneurs, shoppers, and everyone in the business of making or trading in Adire.

“We are encouraged with the success of the previous editions of the ‘Adire Lagos Experience’ and we plan to make this year’s edition bigger and better. The exhibition is in line with our brand promise as a pan-African financial institution to promote culture and boost tourism on the continent. We have through this opportunity playing a notable part in contributing to boost Nigeria’s tourism, culture and the creative industry using Adire as a key driver. High profile exhibitors, vendors, expatriates, influencers and dignitaries from different parts of the world and from all walks of life have indicated interest to be part of the event. I am therefore inviting Nigerians, diasporans resident in Nigeria and the diplomatic corps to attend the four day event.” She stated.

Further, Mrs Ogunyemi reiterated that the exhibition aligns perfectly with the Ecobank’s commitment as a Pan-African Institution to offer experiences that go beyond banking and also dedicated to creating enriching experiences that resonate with its customers’ lifestyles while celebrating the diversity of our nation’s culture. “We are providing a cozy ambience with utmost serenity to make participants feel comfortable and safe. Participation is free, and everyone is welcome to invite family and friends to come over to witness the beautiful event. This Exhibition also presents an opportunity not only to sell and buy products but to experience the luxuriance in our culture.”

Expected to grace the occasion are top government officials from Lagos, Ogun and other neighbouring states and stakeholders in adire business.

Ecobank Nigeria, a key driver of tourism, culture and the creative industries in Nigeria recently hosted the +234Art, a 10-day art fair dedicated to nurturing and uplifting the burgeoning art industry in Nigeria. The fair provided a platform to support emerging artists and encourage increased interest in art acquisition; also the bank organized the Photography, Art, and Design Exhibition (PADE) to commemorate World Photography Day in 2022; the bank also partnered “Songs & Stories” With Cobhams Asuquo; Redbull Dance Your Style; BellaNaija Style Summit and Loosing Daylight (An exhibition of the history of Nollywood organised by Nse Ikpe-Etim).

Hunger Crisis: Nigerian Red Cross Society and Ecobank Nigeria Join Forces for Critical Intervention

The Nigerian Red Cross Society (NRCS) and Ecobank Nigeria have joined forces in a groundbreaking partnership aimed at tackling the severe hunger crisis ravaging Nigeria. The launch event, held at the Exclusive Serene Hotel in Abuja, marked the beginning of a critical campaign for local resource mobilization to support the Nigeria Hunger Crisis Appeal.

Led by Dr. Abubakar Kende, Secretary-General of the Nigerian Red Cross Society, both parties emphasized the urgent need for collective action in response to the dire circumstances faced by millions of Nigerians. With approximately 26.5 million people in desperate need of sustenance to prevent death and prolonged suffering, the partnership between NRCS and Ecobank Nigeria signifies a pivotal moment in addressing this humanitarian emergency.

Abubakar Kende declared, “Today, I am pleased to announce a significant partnership between The Nigerian Red Cross and Ecobank to raise funds locally for the Hunger Crisis Appeal.” He underscored the gravity of the situation and called upon individuals, businesses, and organizations to act decisively to alleviate the suffering of vulnerable communities.

Bhupinder Tomar, Head of Delegation, Abuja Cluster of the International Federation of Red Cross and Red Crescent Societies (IFRC), emphasized the importance of grassroots solidarity and support in overcoming the crisis. He highlighted the crucial role of Nigerians in extending humanitarian aid to communities struggling to survive, underscoring the power of unity in the face of adversity.

Rita Etomi Ademola, Regional Head FCT/North Central Ecobank Nigeria, spoke about the significance of the partnership with the Nigerian Red Cross, urging Nigerians to rally behind the campaign to combat food insecurity and malnutrition across the country. The collaboration between Ecobank Nigeria and the Nigerian Red Cross signifies a shared commitment to humanitarian principles and the welfare of Nigerian citizens.

The campaign aims to raise funds locally to provide emergency relief and recovery efforts, focusing on health and care interventions, nutritional support for vulnerable groups, WASH initiatives, and livelihood programs. The partnership between the Nigerian Red Cross and Ecobank highlights the critical role of corporate entities and Nigerian citizens in contributing to humanitarian efforts and supporting the welfare of communities in need.

The press conference served as a vital platform to raise awareness about the gravity of the hunger crisis in Nigeria and mobilize support for the campaign. Urgent action is needed to save lives and alleviate the suffering of millions affected by acute food insecurity. The call to action resonates with the spirit of solidarity and compassion, urging individuals, businesses, and organizations to join hands in addressing this humanitarian crisis.

This campaign is in support of the Nigerian Red Cross Society (NRCS) appeal for Hunger Crisis in partnership with International Federation of Red Cross and Red Crescent Societies and Ecobank Nigeria.

Ecobank Nigeria and Soto Gallery: Invites Emerging Nigerian Artists to Participate in an International Art Exhibition

Ecobank Nigeria has entered a strategic partnership with Soto Gallery to organize an international art exhibition for emerging young Nigerian artists. The exhibition tagged: +234Art is a 10-day art fair in the heart of Lagos and is scheduled to commence on Friday, 22nd March, 2024. It is dedicated to nurturing and uplifting the burgeoning art industry in Nigeria by providing a platform to support emerging artists and encourage increased interest in art acquisition, thereby contributing to the growth and prosperity of the local art sector and its international recognition.

Bolaji Lawal, Managing Director/Regional Executive, Ecobank Nigeria, said the partnership is in line with the Pan African Bank’s policy of promoting the creative industry in the country and African continent. According to him, “our objective at Ecobank is to project Nigerian creatives by highlighting their talents and providing a platform as well as opportunities for them to showcase their works locally and globally. The creative industry is an essential driver of economic growth, well-being, and global connectivity. We will continue to invest in the potentials of our young people for a brighter future for Nigeria as a country”.

Specifically, he extended an invitation to ‘un-galleried’ emerging Nigerian Artists to submit applications for their participation in the international art exhibition, stressing that they stand to gain wide reaching exposure that would enhance their works. “ “Un-galleried artists” typically refer to artists who don’t have representation or exhibition opportunities through traditional art galleries. These artists usually face challenges in gaining exposure and selling their creative work.”

Tola Akerele, Founder, Soto Gallery, stated that the maiden edition of this event takes the thematic direction of ‘A New Heritage’ and is designed to serve as a melting pot of artistic creativity from different strata of the society.

According to her, the free entry fair aims to be an immersive showcase of Painting, Photography and Sculpture, providing the general public with a closer look at what emerging artists, and photographers in Nigeria today are up to. “The exhibition’s title – ‘+234Art’ is an amalgam of Nigeria’s country calling code, and the all-encompassing word – ‘Art’, indicating that this experience aims to be a thorough exposition of what Nigerian art looks like today, as well as how it interacts with the larger art community in Africa and beyond. Paintings and sculptures for display will be beautifully curated by local and international experts.”

She explained that the art fair will among other things seek to create a sustainable platform for young and emerging artists in the country, provides an opportunity to enhance skills and understanding of the industry through workshops that run concurrently with the art fair, adding that it would also showcase the talent of Nigerian art and encourage economic exchange by purchasing of art pieces while moving the artists into a better socio-economic class by giving them tools to earn locally, regionally and internationally

Ms. Akerele further highlighted other benefits of the exhibition as an avenue for cultural resonance, the discovery of emerging art talent, wealth creation, learning experiences, networking opportunities and social Impact. To submit your artworks, please send a mail to: submissions@plus234art.com.

Ecobank Nigeria now a key driver of tourism, culture and the creative industries in Nigeria is behind the yearly Adire Lagos Experience; also organized the Photography, Art, and Design Exhibition (PADE) to commemorate World Photography Day in 2022. The bank also partnered “Songs & Stories” With Cobhams Asuquo; Redbull Dance Your Style; BellaNaija Style Summit and Loosing Daylight (An exhibition of the history of Nollywood organised by Nse Ipke-Etim).

Agusto Upgrades EDC Nigeria Money Market Fund Rating To A(F)

Pan- African credit rating agency, Agusto & Co has upgraded the rating of EDC Nigeria Money Market Fund (‘EDC MMF’ or ‘the Fund’) to A(f). Funds rated ‘A(f)’ are deemed to have low to moderate exposure to downside risk, impairment of net asset value in the medium term. EDC MMF unit trust scheme which was launched in February 2017 is being managed by EDC Fund Management Limited, a subsidiary of the Ecobank Group.

Agusto in its latest rating assessment report which covers the review period of August 2021 – August 2022 attributed the impressive performance to the Fund’s improved adherence to established guidelines, particularly in periods of significant asset growth as well as low exposure to credit and interest rate risks, adding that the rating also reflects the adequate internal credit assessments conducted on proposed counterparties and automated pre and post trade checks. The credible rating agency noted that “Overall, we considered EDC MMF’s exposure to credit and interest risk to be low. Its exposure to liquidity risk is also low to moderate the Fund’s investment. Risk management processes are adequate for the Fund’s operational level and it is growing net assets despite uncertainty in the macroeconomic environment .”

The high rating for EDC Nigeria Money Market Fund comes despite the nation’s weakening macroeconomic environment has the potential to heighten risk exposures and pressure investment performance, the report stated. It also identified challenges such as persistent depreciation of the nation’s Naira, and high inflationary trends would make holding investments in local currency unattractive and impact on the positive returns to unitholders.

Commenting, Mrs. Oluwayemisi Ogunmola, Managing Director of EDC Fund Management Limited, expressed excitement over the positive rating after holistic assessment of its operations by the globally recognized credit rating agency. She restated EDC’s commitment to ensure the Fund becomes the most preferred investment channel in the industry.

“This positive rating attest to the structures we have in place. Our remarkable performance in all the key rating indices shows that we are on the right path. We will continue to adhere to stipulated guidelines and regulatory requirements, settle redemption requests within 24-48 hours and make positive returns to unitholders despite the current harsh operating environment.” She stated.

EDC Fund Management Limited (‘EDC FML’ or ‘the Manager’) is the investment management subsidiary of Ecobank Development Corporation. The Manager was established in 2012 and licensed by the Securities & Exchange Commission (SEC) to carry out fund and portfolio management activities in Nigeria. EDC FML provides a broad range of advisory services including privatisation, mergers and acquisitions, structured trade financing, underwriting and syndication to sectors such as telecommunications, mining, transportation, power, oil and gas, construction and manufacturing

Ecobank Nigeria Appoints Ichie (Dr) Nnaeto Orazulike as Non-Executive Director

The Board of Directors of Ecobank Nigeria Limited has announced the appointment of Ichie (Dr) Nnaeto Orazulike as a Non-Executive Director. Ichie (Dr) Nnaeto Orazulike is a seasoned business magnate, corporate administrator, and philanthropist. He is the Founder and Group Managing Director of Genesis Group – a proudly Nigerian conglomerate with interests in Restaurants, Cinemas, Hotels, Food Production and Oil & Gas Services and Production.

According to the Board, the new director has distinguished himself as a leader in his various endeavors, pioneering and promoting professions through the growth of indigenous talents in Nigeria and beyond. He embodies the Pan-African vision of the bank and brings with him the wealth of experience, professionalism, and integrity which has earned him national and international acclaim.

Ichie (Dr) Nnaeto Orazulike is a graduate of University of Nigeria, with a Bachelor of Science in Accounting degree and an alumnus of Harvard Business School, Executive Training Program. He was also awarded the prestigious Honorary Doctor of Science degree by University of Port Harcourt in 2015

Ichie who had previously served on the Board of Fidelity Bank Plc between 2008 to 2017, is the National Chairman of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture Trade Group on Tourism and Hospitality. He also currently sits on the boards of various companies and organizations including Shelf Drilling Nigeria, West African Metal Processing Co. Ltd., Fate Foundation, and Spiritan University, Nnochi Imo State.

Ichie Nnaeto joined the Board of Ecobank Nigeria in April 2022.

Ecobank Nigeria Extends Remittance Services To Business Accounts Holders

Ecobank Nigeria has extended its innovative remittance services to its business account holders. This implies that Business Account holders can now receive funds sent through Ecobank Rapidtransfer or any of its Remittance franchise partners through the Business to Business (B2B), Business to Customer (B2C) and Customers to Business (C2B) transaction types directly into their business accounts. The bank is also working to enlist other International Money Transfer Operators (IMTOs) for a more robust remittance offering.

Disclosing this in Lagos, Head of Consumer Banking Korede Demola – Adeniyi, said the launch of the service affords business owners in Nigeria to receive monies sent by both individuals and corporate organizations anywhere in the world instantly to their Ecobank domiciliary accounts, stating that the bank has put in place seamless account opening procedures for those who do not have domiciliary accounts for them to enjoy the service. She maintained that the development is in line with the bank’s strategy to provide accessible remittance services to Nigerians, listing the various channels which these remittances can be accessed as Rapidtransfer app, Ecobank Mobile App, Ecobank Online, and any of the bank branches.

“For us as a bank, we are excited about these and other future collaborations as our contributions to drive remittance inflows into the country, promotes trade and foreign direct investments, create businesses, spur entrepreneurship, and generally develop the Nigerian economy. Some of the benefits for business account holders includes no limits to how much they can receive, no hidden charges and there is also the opportunity to invest the funds received in foreign currency at a competitive rate.” “The Rapidtransfer is our proprietary product. It is licensed by the nation’s apex bank; Central Bank of Nigeria (CBN) as an international money transfer product and it is also licensed in Europe. Diaspora remittances can be sent from anywhere in the world using the Rapidtransfer app – available for download in the Google play and iOS stores.”

Ecobank in Partnership with Basketmouth Premiers “Papa Benji” Season 3

Ecobank Nigeria said its partnership with popular comedian and film maker, Bright Okpochia better known by his stage name Basketmouth on ‘Papa Banji’, a comedy web series, was to avail Nigerians entertainment on the go and to further confirm the bank’s status as the partner of choice for the African entertainment industry. ‘Papa Banji’ is a free to watch comedy web series showing on YouTube and can be viewed across the globe. Season 3 of ‘Papa Benji’ went live last Wednesday, months after season one and two premiered with positive reviews. Papa Benji tells the story of a man, his family, customers, everyone and everything surrounding them and how it impacts the society. It’s depiction of the life of an everyday Nigerian relies on the use of comedy to take one off the heat of daily hassles.

Babajide Sipe, Head Marketing and Corporate Communications at Ecobank Nigeria, said the bank’s decision to bring ‘Papa Benji’ to the screen from inception is to take entertainment to higher level, adding that the show also serves as a platform to showcase the bank’s ubiquitous digital payment platforms, providing people with entertainment whilst showing them how to bank hassle-free on their phones. This is banking at your fingertips which is endearing the Pan African bank to many Nigerians.

Ecobank Digital platforms includes the Ecobank Mobile app, USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, and PoS terminals. Also available to customers is an extensive distribution network of over 60,000 agency banking locations spread across the country. Specifically on the pervasive nature of the Ecobank Mobile app, Sipe said the app which is available for download on the Apple Store and Google Playstore makes it extremely easy to bank on the go 24/7, enabling customers to cater to their everyday banking needs anywhere and at any time directly from their mobile device.

“Our Mobile app allows customers manage their accounts, send money, make payments, buy airtime, pay for services, and do other transactions across the 33 African countries where Ecobank is present. The mobile app is secure, reliable, convenient, and available to everyone. At Ecobank, we have just one Mobile App on Google Play store, unlike other Banks with different apps in the respective countries they operate. Our customers are able to send money instantly to the 33 African countries where Ecobank is present; transfer money to other bank accounts both domestic and international; transfer to a mobile money wallet in the same country; transfer money by email and SMS in the same country; and send money to Visa cardholders through Visa Direct. Other unique features, include the opportunity to open an Xpress Account; create and fund a Virtual card; set travel notifications for enhanced card security; block and unblock one’s bank card; attach other bank cards for transactions; as well as being able to add one’s banking profiles from different countries”. He stated.

The web series of ‘Papa Benji’’ first season premiered with 13 episodes in December 2020. It stars actors like Bethel ‘Senator’ Njoku, Onyebuchi Ojieh, Nedu Wazobia, Jemima Osunde, Basketmouth, and a host of other comic stars. The online comedy series follows the life of its eponymous character, Papa Benji, an industrious Igbo man who took a loan to start his pepper soup joint, which attends to many other interesting characters that come into the joint. The series also interjects conversations about current issues of social relevance in a relatable manner.

Fitch Reaffirms Ecobank Nigeria’s Stable Outlook

Fitch Ratings has affirmed Ecobank Nigeria Limited’s (ENG) Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a Stable Outlook. Fitch also affirmed the Bank’s Viability Rating (VR) at ‘b-‘ and National Long-Term Rating at ‘BBB (nga)’. The rating agency released this rating last week, stating that the Bank’s IDRs are driven by its standalone creditworthiness, as expressed by its Viability Rating. Fitch had in January also rated Ecobank Nigeria Limited’s (ENG) Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a Stable Outlook.

According to the report, though “ENG has a moderate market share of Nigeria’s banking sector assets (3.9% at end of 2021), its franchise gets an edge and benefits from being a subsidiary of Ecobank Transnational Incorporated (ETI; B-/Stable), a large pan-African banking group with operations spanning 33 countries across Sub-Saharan Africa (SSA)”.

The report stated “rising global risks will weaken domestic operating conditions as any downside to operating conditions, “Inflation (17.7% in May 2022) is expected to remain stubbornly high, posing downside risks to real GDP growth forecasts of 3.1% and 3.3% in 2022 and 2023, respectively. However, downside risks are somewhat mitigated by strong oil prices, which should also underpin growth in non-oil sectors and banks’ asset quality”. It stated.

It reiterated that the Viability Rating of Ecobank Nigeria reflects its standalone creditworthiness despite the concentration of its operations within Nigeria’s challenging operating environment, high credit concentrations, asset-quality weaknesses, modest profitability, and weak capitalisation in the context of these risks. It also reflects a sizeable franchise and a healthy funding and liquidity profile.

“Ecobank Nigeria ENG has a Shareholder Support Rating (SSR) of ‘ccc+’. Fitch sees a high propensity in ETI to provide support given ENG’s importance to the parent’s pan-African strategy as its largest subsidiary (22% of group assets at end of 2021) and its presence in SSA’s largest economy. Fitch observed that rising global risks will weaken domestic operating conditions. Inflation (17.7% in May 2022) is expected to remain stubbornly high, posing downside risks to real GDP growth forecasts of 3.1% and 3.3% in 2022 and 2023, respectively. However, downside risks are somewhat mitigated by strong oil prices, which should also underpin growth in non-oil sectors and banks’ asset quality”. it stated.