Fidelity Bank signs $40m cocoa export deal with AFREXIM Bank, Johnvents Industries

The second edition of the Fidelity International Trade and Creative Connect (FITCC) rounded off on a boisterous note as Fidelity Bank Plc hosted a broad range of businesses, regulators, members of the diplomatic corps and other guests to a two-day trade expo in Houston, Texas, United States of America.

The expo witnessed the signing of a $40 million pre-export finance facility in favour of JohnVents Industries, one of the exhibitors at the expo.

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.

Speaking on the deal, the MD/CEO, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, noted: “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 U.S.

“This 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.”

Tagged FITCC Houston, the two-day event was aimed at achieving several objectives, including increasing the pipeline of Nigerian businesses that export into the U.S. market, providing the Diaspora market more ethnic product options and enabling exporters to build capacity to improve product quality and meet international standards.

Welcoming participants to the event, 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. 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 to ultimately ensure the long-term sustainability of their ventures. Indeed, globalisation has emphasised the need for businesses to improve in terms of cross border offerings and collaborations.

“To bridge these gaps, we created the Fidelity International Trade and Creative Connect (FITCC) in 2022 and hosted the inaugural edition of the expo in London last November. At the event, we had over 100 Nigerian businesses connected to United Kingdom business counterparts and deals worth about 200 million dollars closed on the spot and post-event. This year, we are taking it a notch higher as we aim to close deals worth about 250 million dollars. We have therefore put in place an elaborate experience to help stakeholders achieve this and several other objectives at this expo.”

A key part of the event was the exhibition, which featured more than 160 Nigeria and US-based businesses active in the fintech, commodities, fashion, cosmetics, service, creative, agriculture and extractive industries in the non-oil sector.

One of the exhibitors and the Founder/CEO, Oriki Spa, Joyce Awosika said: “We look forward to meeting all our amazing customers and we promise them an impactful experience with our products that would leave a lasting impression.