Stanbic IBTC Bank Reiterates Benefits of Trade Export and Financing to Ailing Economy

Stanbic IBTC Bank Reiterates Benefits of Trade Export and Financing to Ailing Economy

By THECONSCIENCEng 

Stanbic IBTC Bank PLC has emphasised that effective trade export and financing plans can boost the nation’s wobbling economy.

Olatunde Oladejo, Stanbic IBTC Bank’s
Manager, Trade Finance, explained that effective trade export strategies can open doors to new markets, drive revenue growth, and strengthen business relationships which will in turn boost the national economy.

He made the remark recently while speaking at at the Export Capacity Building Programme for registered exporters organised by the Nigerian Export Promotion Council.

The event which took place in Lagos served as a platform for industry experts to discuss and shed light on the various benefits of trade export and financing and was attended by distinguished experts and speakers who took turns to share deep insights on the economy.

READ MORE: How Lamido Yuguda-led SEC ‘Withholds’ Over 12bn Shareholders’ Funds for Years

Oladejo also highlighted the comprehensive suite of trade finance solutions offered by the financial institution to provide exporters with the support and expertise to successfully navigate the global trade landscape.

According to him, “Despite the challenges faced by the export sector, the non-oil export sector has emerged as a significant propeller of the Nigerian economy.

“To maximize the potentials, Stanbic IBTC Bank offers a spectrum of measures to meet exporters’ needs. These proactive steps acknowledge and tackle the varied obstacles encountered by exporters, including issues like inadequate transportation infrastructure and a scarcity of export funding.”

READ MORE: OPPO A78 Hits Nigeria with Superior Tech Capabilities

He noted that the bank has cultivated a dynamic community of exporters through its specialised Trade Club which serves as a nexus for global exporters, facilitating connections among them, bridging potential buyers and sellers, and empowering them to harness the untapped potential within non-oil exports.

Henry Oradiegwu, Relationship Manager, Africa China Banking, Stanbic IBTC Bank emphasised the significance of trade relations and partnership between Africa and China.

He highlighted the immense opportunities available for Nigerian businesses by tapping into the Chinese market and Stanbic IBTC Bank’s role in facilitating these connections through its extensive Africa-China Banking platform and the Africa China Trade Soluton (ACTS), urging exporters to explore new avenues and capitalise on the growing trade opportunities between Africa and China.

READ MORE: Odu’a Investment Unveils Foundation, Advisory Council to Boost Dev’t in South West

While speaking at the event, Akintunde Folorunso, Regional Coordinator, Nigerian Export Promotion Council (NEPC) Southwest Regional Office, Lagos, also provided valuable insights into the policies and initiatives put forth by the NEPC to support and promote exports from Nigeria.

He underlined the need for collaboration between financial institutions like Stanbic IBTC Bank and government agencies to drive economic growth through export development. Akintunde’s speech showcased NEPC’s commitment to facilitating a conducive environment for exporters to thrive.