Ecobank Nigeria says it’s partnering with the Lagos Chamber of Commerce and Industry, LCCI, to provide opportunities for exporters in the country. In their bid to promote export, the commercial bank and LCCI said they are educating exports on available finance as well as regulatory frameworks regulating the business.
The bank made this known during a seminar organised by LCCI in conjuction with the pan- African financial institution.
Kola Adeleke, Executive Director, Commercial Banking, Ecobank Nigeria, who spoke at seminar disclosed that the bank will provide funds for exporters who want to expand their businesses globally, addding that the aim is to assist serious exporters to meet their obligations to their partners.
Adeleke said, “Export finance can help businesses bridge the funding gap that often occurs between production and payment, enabling them to take on larger orders and enter new markets. It is also crucial in managing risks associated with exporting, such as foreign exchange rate fluctuations, non-payment by overseas customers and political risks.
“Our unique positioning in 33 African countries enables us to leverage our extensive network to reduce the number of financial partners and relationships in executing trade. We own the switch connecting countries where we operate across Africa.
“This centralized switch enables easy integration. We possess knowledge of the local markets in which we operate resulting in unparallel financial advisory. We offer real-time settlement across Africa and our customers enjoy instant transfers across 33 African countries. Ecobank has a reputation for developing innovative products as the bank has won us several international, regional, and local awards and we aspire to be the gateway to pan-African payments and trade.”
Also speaking, LCCI president Dr Olawale Cole stated that the major problem facing export businesses in the country is scarcity of funds.
