Stanbic IBTC boosts trade relations between Nigeria, China
Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has reiterated commitment to fostering international trade in Nigeria with intensified focus on facilitating transactions between Nigeria and China.
The group’s banking subsidiary, Stanbic IBTC Bank, had developed several solutions to enhance trade relations between Nigerian business owners and their Chinese counterparts.
The Chief Executive, Stanbic IBTC Holdings Plc, Dr. Demola Sogunle, said this came about because the organisation has consistently explored opportunities to add value to its clients’ businesses.
“The China-Africa Economic Trade Expo (CAETE) is a proposition through which the bank had redefined relations between both countries. It has allowed African enterprises to explore new markets, expand their customer base, and create a mutually beneficial relationship between the two countries. Other value propositions of the group include the Africa China Agent Proposition (ACAP) and the Africa-China Trade Solutions (ACTS).”
Despite the growth in trade between Nigeria and China, several Nigerian traders still face challenges while doing business transactions with China. Language and cultural barriers are examples of hurdles traders experience in international transactions.
Sogunle stated that the bank, through its parent company, Standard Bank, leverages partnership with the Industrial and Commercial Bank of China (ICBC) to connect African importers, especially in Nigeria, with a dedicated trade agent in China.
ACAP has enabled African importers to access China’s vast opportunities as a trading partner. Besides eliminating language barriers, the trade agency arrangement is aimed at helping Nigerian importers efficiently source quality goods from the most competitive suppliers in China.
Like ACAP, ACTS was initiated to connect African importers to Chinese suppliers through a nominated agent, thereby delivering value to Stanbic IBTC’s clients.
The agent, Zhejiang International Trading Supply Chain Co Ltd, otherwise known as Guamao, ensures that Nigerian importers get the best deals in sourcing for suppliers, negotiating prices and trading conditions on behalf of clients.
The agent also provides translators to facilitate trade negotiations and discussions, validates and ensures the quality of goods meets clients’ required standards, and handles shipping and delivery logistics.