Stanbic Bank CEO, Atedo Peterside, Analyses Nigerian Economy, Says it is Rigged to Favour Selected Few

Stanbic Bank CEO, Atedo Peterside, Analyses Nigerian Economy, Says it is Rigged to Favour Selected Few

  • Rising inflation, energy costs, insecurity, and mounting debts are not helping the Nigerian economy
  • Atedo Peterside, the founder of Stanbic IBTC raised these concerns while bemoaning low investments
  • The Nigerian economy has been in decline since 2015, Peterside noted as he raised concerns about the number of companies leaving to neighbouring countries

Founder and pioneer CEO of Stanbic Bank Plc Atedo Peterside has stated that investments in the Nigerian economy are declining.

The Vanguard reports that Peterside argued that the decline are due to no level-playing field for investors as the Nigerian economy has been rigged in favour of a few, which is making many prospective local and foreign investors to hold their funds and watch.

He stated these points at the Vanguard Economic Focus themed: ‘National Plans & Performance: Gaps, Learnings & Opportunities’, on Tuesday, 17 May 2022.

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Stanbic Bank CEO, Atedo Peterside
Stanbic Bank Ceo, Atedo Peterside speaks on TV Credit: Channels
Source: Twitter

Peterside added that investors are moving their funds to other African countries where there is a level playing field for all, Nairametrics reports.

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His words:

“The Nigerian economy was one of the fastest-growing until 2014. It grew steadily for 15 years but since 2015, it has been declining steadily. We need to ask ourselves what has changed.”
“This is not because other economies are also not growing. Others are growing but we are lagging. Investor confidence in the Nigerian economy is declining because there’s no level-playing field for the investors. The economy has been rigged to favour a few. To grow the economy, we have to create a level-playing field."

Peterside also noted that regrettably, the sectors that are thriving today are the ones in which the government is not involved: ICT and creatives. This is because there is a level-playing field for all players in the two industries.

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