NEPC SIGN MOU WITH FCMB TO BOOST EXPORT TRADE

Olusegun Awolowo

First City Monument Bank says it is committed to executing initiatives aimed at driving export trade, particularly non-oil exports in the country.    

The lender said this had impacted positively on the various initiatives of the Federal Government targeted at diversifying the nation’s economy in a sustainable manner.

The Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council, Mr. Olusegun Awolowo, spoke during the signing of a Memorandum of Understanding between the FCMB and the NEPC on export development in Abuja.

The ceremony, which was attended by exporters and other stakeholders, provided an opportunity for the bank and the council to further engage and build the capacity of exporters on new and emerging developments in the sector. A statement said the lender had organised similar fora in partnership with Federal Government agencies in the past five years consecutively.

Awolowo, who was represented by the Director, Policy and Strategy, NEPC, Alhaji Abdullahi Aliyu, said, “FCMB has demonstrated commitment and support towards the promotion of non-oil exports. We believe that through the MoU, this partnership will be sustained. This singular action of FCMB would also go a long way to address the age long challenge of access to finance that had been a nightmare to Nigerian exporters.”

He urged exporters to take advantage of the numerous opportunities offered by the NEPC and the FCMB to grow their businesses. Mr. Awolowo added: “The NEPC is doing its best through schemes such as the Export Expansion Grant and Export Development Fund.’’

The Regional Head, Abuja and North, FCMB, Mr. Lukman Mustapha, said the bank was focused on empowering customers and other stakeholders involved in export trade. “Our partnership with the NEPC and other sister agencies is a proof of our commitment to go the extra mile to add value to the operational capabilities of our customers. This also goes to further demonstrate how much we value their patronage and to inform the Market that we are seriously prepared to support the government and businesses in their efforts towards driving and growing export trade to boost non-oil revenue in Nigeria in a sustainable manner,” he stated.

Mustapha, who spoke through the Divisional Head, Public Sector of the bank, Mr. Hamid Joda, disclosed that FCMB had various products and services it provides exporters to enable them effectively carry out their business. These include pre-shipment and post-shipment financing, processing of payments by way of telegraphic transfer and Internet banking.

Others include provision of documentary and standby letters of credit, guarantees, performance bonds, securities underwriting commitments as well as off balance sheet exposures, the issuance of bank drafts and bank cheques to exporters to facilitate trade, lending through overdraft, installment loans, cash management and treasury services, among others.