Business
NEXIM collaborates with Fidelity Bank and Sapphital to expand Nigeria’s export sector.
NEXIM collaborates with Fidelity Bank and Sapphital to expand Nigeria’s export sector.
L-R: MD/CEO FIDELITY Bank Plc, Mrs. Nneka Onyeali-Ikpe; MD/CEO NEXIM Bank, Mr. Abubakar Bello, and founder Sapphital Learning Limited, Mr. Amu Ogbeide during the signing of the NEXA Memorandum of Understanding between Fidelity Bank, NEXIM Bank and Sapphital in Abuja.
As part of efforts to boost Nigeria’s foreign exchange earnings, the Nigerian Export-Import Bank (NEXIM) has announced a strategic partnership with leading financial institutions, Fidelity Bank Plc and Sapphital Learning Ltd.
NewsReport Nigeria reports that the partnership will help improve the skills and performance of export businesses in Nigeria by leveraging the NEXIM Export Academy (NEXA), an online platform that provides exporters with capacity-building training and access to finance to scale their businesses.
The NEXA platform which was Launched with the support of Sapphital (a digital learning institute) in 2022, is designed to empower millions of businesses with resources needed to run successful export operations, perform at higher levels of quality control, and compete favorably in the global market. The platform aims to drive the growth of Non-oil Exports and Foreign Exchange by connecting all the stakeholders along the value chain to enhance learning, improve quality, and grow Intra-African and Global Trade.
Speaking during the Memorandum of Understanding (MOU) signing ceremony held in Abuja recently, the Managing Director, NEXIM, Mr. Abba Bello, stated, “Part of the awareness the bank seeks to drive is to make people appreciate the fact and come to the knowledge that export is not only for big companies, especially now that small manufacturers or traders can trade across borders. We seek to drive the knowledge that will help entrepreneurs know the processes, documentation, and kinds of compliances they need to adhere to in their quest towards export and import business.”
On her part, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, noted that the bank has consistently championed the promotion of non-oil exports and capacity building for players in the nation’s export and import businesses.
NEXIM collaborates with Fidelity Bank and Sapphital to expand Nigeria’s export sector.
Her words: “As a bank, we have always been at the forefront of growing the non-oil export business. We focused on our export banking business over the years, and we have remained consistent in pioneering initiatives geared towards aiding capacity-building and access to capital for local exporters. The partnership provides an opportunity to deepen the conversations in the export space and, more importantly, to create value for the players in the sector”.
On the ultimate goal of the institute, the founder and CEO of Sapphital Learning Ltd., Mr. Amu Ogbeide, stated that “We want to grow the export market; we want more people to join and grow”.
The Nigerian Export-Import Bank (NEXIM) was established by Act 38 of 1991 as an Export Credit Agency (ECA) owned by the Federal Ministry of Finance Incorporated and the Central Bank of Nigeria. The Bank presently provides short- and medium-term loans to Nigerian exporters. It also provides short-term guarantees for loans granted by Nigerian Banks to exporters as well as credit insurance against political and commercial risks in the event of non-payment by foreign buyers. The Bank is also the government’s National Guarantor under the ECOWAS Inter-state Road Transit programme.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with over 7.5 million customers served across its 250 business offices and digital banking channels. The bank was recognized as the Best SME Bank, in Nigeria, in 2022 and also as the Best Payment Solutions Provider, in Nigeria, in 2023 by the Global Banking and Finance Awards. The bank had previously also won awards for “Fastest Growing Bank” and “MSME and Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
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