Business
Fidelity Bank signs $40m cocoa export deal
Fidelity Bank has signed a $40million deal with AFREXIM Bank and JohnVents Industries for cocoa export.
The signing of the $40million pre-export finance facility in favour of JohnVents Industries was one of the highlights of the second edition of the Fidelity International Trade and Creative Connect (FITCC) in Houston, Texas, United States of America.
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.
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“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,” The MD/CEO, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe,” said.
Tagged FITCC Houston, the two-day event is aimed at achieving several objectives including increasing the pipeline of Nigerian businesses that export into the US market, providing the diaspora market more ethnic product options and enabling exporters to build capacity to improve product quality and meet international standards.
Mrs. Onyeali-Ikpe, said 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.