KOREDE FOGO
Fidelity Bank PLC, has signed a $40million deal with Africa Export Import (AFRIEXIM) Bank and JohnVents Industries for cocoa export.
The signing was done at the second edition of the Fidelity International Trade and Creative Connect (FITCC), in Houston, Texas, United States of America.
BUSINESSINSIDERNG reports that the 2-day event was aimed at achieving several objectives including increasing the pipeline of Nigerian businesses that export into the US market, providing diaspora market with more ethnic product options, and enabling exporters to build capacity to improve product quality and meet international standards.
The loan, which has been adjudged as a landmark development by analysts in the export 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 US.
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”, commented an elated Mrs. Onyeali-Ikpe in a chat with journalists at the event.
Onyeali-Ikpe stated further, “Developments on the global scene have 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 ultimately ensure the long-term sustainability of their ventures. 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,” she stated.