Adaora Umeoji, Group Managing Director & CEO of Zenith Bank, talks about the implications of the bank’s first European Union location in France for both its clientele and overall operations in an interview with CNN’s Melissa Bell.
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Because our customers’ businesses are growing, we recognised the need for them to have a presence outside of Nigeria. Since Zenith Bank wants to be a global brand rather than just a local bank, we felt that we needed to establish a hub in Europe where the majority of African and European businesspeople could establish trade relationships and take advantage of their opportunities.
She goes on to say that Paris is the ideal place for this chance because it is a significant business centre. They have a robust economy and are known to be important to both EU nations and Francophone African nations. We therefore believed that going here would enhance commercial ties between the two nations as well as between the majority of our Nigerian diaspora residents and […].
They require the chance to work with a bank that will support them, understand them, and help them expand. Important statements by Umeoji: Regarding clients in Europe: “The company is not only for Nigerian companies or the diaspora; it is also for European business partners who wish to experience the type of service we offer since we are renowned for our outstanding customer retention and quality service—from the French economy to the Nigerian economy, which is currently dealing with a number of challenges.”
Regarding the commercial climate required for banks to prosper: “The Nigerian government has established an atmosphere that makes it possible for companies to prosper. They look for ways to lower taxes, at the very least, to make it easier for Nigerians to do business and for foreign investors to withdraw their money into the country. The exchange rates have been harmonised by the CBN. We currently only have one window for exchange rates. Additionally, they are offering numerous incentives to entice investors to put money into Nigeria.
I believe we are working on that because the Nigerian government is also making significant progress in that area. We are highly aware. Nigeria is becoming a destination for investors, and the economy is expanding. Regarding the tariffs that Trump’s administration might introduce: Resilience is one quality that the African continent is renowned for.
Given that we have a large number of goods that we can export, the tax and incentives he is putting in for us present us with an opportunity. The American government lacks the necessities for other nations to genuinely exist.
