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Fidelity Bank Urges Importers to Become Exporters

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Fidelity Bank

Fidelity Bank Plc. has advised importers who are presently experiencing challenges to switch over to the export sector and explore existing opportunities offered by the diversification drive of the Federal Government.

The Executive Director,Shared Services and Products, Fidelity Bank, Mrs. Chijioke Ugochukwu, gave this advice while speaking on the sidelines of an interview with the Managing Director, Nigerian Export Import Bank, Mr. Bashir Wali, about the bank’s partnership with NEXIM Bank on the N300bn Export Stimulation Fund.

Speaking about the value proposition of Fidelity Bank in the partnership, Ugochukwu said the bank had invested a lot in building the necessary capacity to help exporters tap into the diversification vision.

She said, “We don’t just want to do export, we want to do export successfully and record export proceeds in large volume. We want to attract entrepreneurs whose businesses must have experienced shrinkage on the import side to switch to export business because they already have competence.

“Without a doubt, the most important area now for Nigeria is the non-oil export sector and since the beginning of this year, the bank has taken a decision to participate in the cocoa, cashew and other non-oil sectors. As we speak, we already have a couple of large-sized transactions in cocoa and rubber.”

Wali on his part said NEXIM’s partnership with Fidelity on the ESF was the first initiative that would open up the opportunities that abound in the export sector and also provide an avenue for information dissemination and capacity building.

“It is a very wonderful initiative and a step in the right direction. It is a partnership arrangement between a commercial enterpris

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.