NEXIM, Fidelity Bank, and Sapphital partner to boost Nigeria’s non-oil exports

The Nigerian Export-Import Bank (NEXIM) has formed a strategic alliance with top financial organizations, Fidelity Bank Plc and Sapphital Learning Ltd. as part of efforts to increase Nigeria’s foreign exchange revenues.

By utilizing the NEXIM Export Academy (NEXA), an online platform that offers exporters training to increase their ability and access to financing to grow their businesses, the cooperation will aid in enhancing the capabilities and performance of export enterprises in Nigeria.

The NEXA platform, which was launched in 2022 with the help of Sapphital (a digital learning institute), aims to equip millions of businesses with the tools they need to manage profitable export operations, achieve higher levels of quality control, and successfully compete on the international market.

The platform intends to increase non-oil exports and foreign exchange by bringing together all the key players along the value chain to advance education, raise standards, and expand intra-African and international trade. When the Memorandum of Understanding (MOU) signing event took place recently in Abuja, the Managing Director, NEXIM, Mr. Abba Bello stated, “Part of the awareness the bank seeks to drive was 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 the kind of compliances they need to adhere to in their quest towards export and import business.”

On her part, the Managing Director/Chief Executive Officer, of Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe noted that the bank has consistently championed the promotion of non-oil export and capacity building for players in the nation’s export and import business.

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/CEO, of Sapphital Learning Ltd, Mr Amu Ogbeide stated, “We want to grow the export market, we want more people to join and grow”.

Act 38 of 1991 established the Nigerian Export-Import Bank (NEXIM) as an Export Credit Agency (ECA) that was jointly controlled by the Central Bank of Nigeria and the Federal Ministry of Finance Incorporated. Currently, the Bank offers loans to Nigerian exporters on short and medium terms. Additionally, it offers short-term guarantees for loans given to exporters by Nigerian banks as well as credit insurance against economic and political risks in the event that overseas customers fail to make payments. Additionally, the Bank serves as the national guarantor for the government under the ECOWAS Inter-state Road Transit initiative.

Over 7.5 million customers are served by Fidelity Bank, a full-service commercial bank with 250 business locations and online banking services in Nigeria. The bank received awards from the Global Banking and Finance Awards for Best SME Bank, Nigeria, 2022 as well as Best Payment Solutions Provider, Nigeria, 2023. In addition, the bank had previously been recognized as the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

The education alternative for individuals, instructors, staff members, businesses, and organizations is Sapphital.

More News On RNN

Fidelity Bank announces retirement of Kings Akuma from its board

I&E Window Records $788 Million in Turnover After Currency Unification