Home » Africa: To boost Nigeria’s non-oil exports, Fidelity Bank signs $40m deal at Fidelity International Trade and Creative Connect in Houston

Africa: To boost Nigeria’s non-oil exports, Fidelity Bank signs $40m deal at Fidelity International Trade and Creative Connect in Houston

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Fidelity Bank

Fidelity Bank Plc has signed a $40 million pre-export finance facility in favour of JohnVents Industries, one of the exhibitors at Fidelity International Trade & Creative Connect (FITCC) in Houston, United States.

According to Daily Trust, the loan, which has been adjudged as a landmark development by analysts in the exports space -would be provided by AFREXIM Bank with Fidelity Bank acting as the local administrative agent.

“We are delighted to participate in the tripartite loan signing ceremony as it demonstrates the size of the opportunity in the Nigerian cocoa market and its potential to meet the demand of off-takers in the U.S. “The ceremony also highlights the value of our partnership with AFREXIM Bank especially in providing much-needed credit to last mile beneficiaries to upscale their operations and cater to a global market. These align with our objectives for FITCC and we are thrilled to host the formal deal signing event here”, Onyeali-Ikpe told journalists.

READ: Africa: Stakeholders identifies why Nigerian non-oil exports are rejected in other countries

The deal was signed at the much-anticipated second edition of the FITCC which got off to a boisterous start on Tuesday, 24 October 2023 with Fidelity Bank Plc hosting a broad range of businesses, regulators, members of the diplomatic corps and other guests to the opening ceremony in Houston, Texas, United States. Tagged FITCC Houston, the two-day event seeks to achieve several objectives including increasing the pipeline of Nigerian businesses that export into the U.S. market, providing the diaspora market more ethnic product options and enabling exporters to build capacity to improve product quality and meet international standards.

Welcoming participants, MD/CEO, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, said developments on the global scene necessitated the need to constantly seek viable alternatives as businesses work to stay competitive in a rapidly evolving macro-economic environment. “On the supply side, businesses are waking up to the imperative of catering to an international customer base in order to hedge against currency devaluation risks, increase the reach of their products and to ultimately ensure the long-term sustainability of their ventures,” she noted.

READ: Africa: Nigeria’s agricultural export hits N127 billion, as Sesame commodity top list with N41.9 billion

“Indeed, globalization has emphasized the need for businesses to improve in terms of cross border offerings and collaborations. To bridge these gaps, we created the Fidelity International Trade & Creative Connect (FITCC) in 2022 and hosted the inaugural edition of the expo in London last November. “We had over 100 Nigerian businesses connected to United Kingdom business counterparts and deals worth about 200million dollars closed on the spot and post-event. This year, we are taking it a notch higher as we aim to close deals worth about 250million dollars. We have therefore put in place an elaborate experience to help stakeholders achieve this and several other objectives at this expo.”

Following the welcome address, keynote and goodwill addresses were presented by the President & Chairman of the Board of Directors African Export–Import Bank (Afreximbank), Professor Benedict Oramah, and Nigeria’s Ambassador to the United States of America, Dr. Uzoma Emenike. A key part of the event was the exhibition which featured more than 160 Nigeria and U.S.-based businesses active in the fintech, commodities, fashion, cosmetics, service, creative, agriculture and extractive industries in the non-oil sector.

READ: Africa: National Onions Producers, Processors and Marketers Association of Nigeria to hold conference on the impact of AfCFTA on onions in November

One of the exhibitors and the Founder/CEO, Oriki Spa, Joyce Awosika said, “We look forward to meeting all our amazing customers and we promise them an impactful experience with our products that would leave a lasting impression. We urge them to join us at booth 520 here at FITCC Houston.”

Day 1 closed out with a fashion show dedicated to unique Nigerian pieces. Themed, “The Connect Plus Fashion Show”, the event featured elegantly styled-models adorning distinctive and culturally inspired designs from several Nigerian labels including Bijelly Couture, Eclectic Chique and MODChic. The fashion show also provided networking opportunities for guests and participants.

Ranked as one of the best banks in the country, Fidelity Bank is a full-fledged customer commercial bank with over 8 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels. The bank was recognized as the Best Payment Solution Provider Nigeria 2023, Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards, Fastest Growing Bank and MSME & Entrepreneurship Financing Bank 2021 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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