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Market Digest Nigeria

Business

First Bank commits to economic growth

First Bank

First Bank Nigeria has expressed its commitment to the development of business continuity and resilience toward boosting production and economic growth.

Its Chief Financial Officer, Mr Patrick Iyamabo, made the assertion on Wednesday in Lagos. Iyamabo spoke at the bank’s maiden edition of the Vendor Engagement Session with the theme: “Building Resilience in Our Vendors’ Businesses”.

The chief financial officer said that the changing landscape in the operating environment makes it imperative to ensure long-term strategic partnership for sustainability in the banking and business industry.

He said that First Bank was well-positioned and committed to investing in diverse businesses to drive sustainable growth and create shared success. “We do not see you as vendors, but as critical partners to drive our strategic growth and competitive plans,” he said. According to him, when vendors achieve success, the diverse communities served by the bank experience tangible and sustained economic benefits.

Also, Mrs Damilola Adisa, the Group Head, Procurement, First Bank, said that investing in continued development of businesses would drive a meaningful and long-term impact on businesses. Adisa said that the bank’s goal was to keep vendors in business by expanding its procurement process in the next 12 months, while entrenching more transparency and efficiency in the process. “We will assist them with advice and structure that would assist them to build resilient and trans-generational businesses,” she said.

Adisa acknowledged that vendors had indeed developed innovative and game-changing solutions to drive the bank’s operation and competitiveness. She said that the bank was committed to long-term partnership and collaboration with its vendor and would streamline every stage of the procurement process.

Also, Mr Duke Abanum, Head, Operational Risk and Business Continuity Management, First Bank, said that resilience was more than just increasing the robustness of a business. Abanum said that it was more about forward-looking and overcoming disruptions and challenges that might emanate during the business cycle.

He said that the core of every business objective for success include: survival, growth and development, and profitability. Abanum urged businesses to explore opportunities and structures that would boost their resilience, competitiveness and continued survival.

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