The
facility agreement, signed recently between Afreximbank and ETC, provides for
the funds to be used to support ETC Group’s regional agricultural trade
business and those of its subsidiaries across Africa.
The
facility will, among other things, finance the sourcing, processing and
transportation of soft commodities of African origin to markets and also to
support procurement of key agricultural inputs, such as fertilizer, seeds and
other chemicals, which would be supplied across the continent.
Afreximbank
President, Dr. Benedict Oramah, said
that deployment of the facility would address some of the key bottlenecks faced
by African agricultural exporters, particularly small and medium-scale
enterprises operating in agro-processing and light manufacturing sub-sectors,
in effectively competing in international trade and increasing their
participation in regional and global agricultural value chains.
According
to him, it will also improve market access by allowing ETC to create linkages
to regional and international markets by aggregating large volumes of
agricultural produce that would be traded across regions.
The
President described ETC Group as a catalyst for the growth of intra-African
trade, noting that it was creating strong and reliable agricultural value
chains across Africa by bringing agricultural produce from the farm gate to
processing facilities and processed/manufactured goods to the market.
ETC
Group, which was founded in Kenya in the 1960s but subsequently moved to
Tanzania and now has its African regional headquarters in Mauritius, trades
mainly in commodities, concentrating on fertilizer, maize, rice, oil seeds,
cashew nuts, sesame seeds, pulses, wheat, cotton, coffee, and sugar.
It has
a footprint across 45 countries in Africa and overseas and operates an
integrated agricultural value chain business model cutting across agronomy
activities; sourcing at farm gate level; processing and other transformation
activities; transport and logistics; and trading.
Afreximbank’s
Intra-African Trade Strategy identifies facilitating the emergence and
expansion of export trading companies as a quick way of accelerating the growth
of intra-African trade.
Have you heard this? Many Nigerian exporters have been
defrauded of huge amount of money in the process of exporting commodities to
foreign countries. Do you know why? They were not trained on export operations,
management, documentations and the best methods of payment in export trade.
This is terrible!!! Nigerians cannot continue to lose money to foreigners in
the course of export business. Exporters, why don’t you get a practical manual
that teaches the stages of export trade from processing and packaging of commodities
to receipt of payment by the foreign buyers. It teaches export operations,
export management, export documentations and methods of payment in export
trade? It is a contemporary step-by-step guide to export trade. It tells all
the contemporary dynamics in export trade. To get it, click on the link below:
Hmmm!!! Folks, have you ever
imagined how the financial status of your firm will be when more than 20,000
CEOs and other key decision makers of blue-chip corporations pay for your
products and services or even give you very juicy deals. The link below will
tell you more: http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html
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