Fidelity Bank, a Nigerian deposit money bank, has entered into a $40 million pre-export finance agreement with AFREXIM Bank in support of food processing company JohnVents Industries. This loan arrangement was formalized during the second edition of the Fidelity International Trade and Creative Connect (FITCC) event held in Houston, Texas, U.S. AFREXIM Bank will provide the pre-export finance, with Fidelity Bank serving as the local administrative agent. This significant financial deal underscores the potential of the Nigerian cocoa market to meet the demand of off-takers in the U.S.
FITCC Houston, co-hosted by Fidelity Bank, aimed to enhance the export capabilities of Nigerian businesses in the U.S. market and foster international product quality standards. The Managing Director/CEO of Fidelity Bank emphasized the value of their partnership with AFREXIM Bank in providing crucial credit support to enhance operations and expand global market reach. In the ever-evolving global economic landscape, businesses are recognizing the importance of catering to an international customer base, increasing product quality, and seeking cross-border collaborations for long-term sustainability.