Nigeria is winning back international investors. Patricia Sullivan of Deutsche Bank says recent economic changes have fixed the country’s image.
Sullivan serves as the Global Head of Institutional Cash Management at the German lender.
In a recent interview, she explained that past currency gaps forced businesses to use “underground” methods.
This made Nigeria look risky to the world. Now, the new currency reforms create a rational environment for trade. This shift allows banks to move money safely and legally.
Sullivan noted that more global banks are now eyeing the Nigerian market. For example, First Abu Dhabi Bank recently opened an office in the country.
She expects more trade partners to follow. This is because the government improved rules against financial crime.
Nigeria’s removal from the FATF grey list last year also gave investors more comfort.
The Central Bank’s focus on digital banking has also helped.
Sullivan believes mobile banking allows Nigeria to “leapfrog” over other nations. This tech helps the unbanked join the economy and supports new Fintech firms.
She says the country remains a top-tier market in Africa. “International investments are coming back and more multinationals will move in,” she projected.
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