Fidelity bank advices importers become exporters

Fidelity Bank, a leading financial institution in Nigeria, has advised importers to consider becoming exporters to diversify their revenue streams and reduce their reliance on imports.

In a statement, the bank's Managing Director, Nnamdi Okonkwo, said that the advice is based on the current economic realities in the country, which have made it challenging for importers to operate profitably.

Okonkwo noted that the Nigerian economy is facing significant challenges, including a decline in foreign exchange earnings, high inflation, and a widening trade deficit. He said that these challenges have made it difficult for importers to access foreign exchange, leading to increased costs and reduced profit margins.

To mitigate these challenges, Okonkwo advised importers to consider exporting Nigerian goods and services to other countries. He said that this would not only help to diversify their revenue streams but also reduce their reliance on imports.

"Exporting is a viable option for importers who want to reduce their reliance on imports and increase their revenue streams," Okonkwo said. "By exporting Nigerian goods and services, importers can earn foreign exchange and reduce their costs. This is a win-win situation for both the importers and the economy."

Okonkwo also highlighted the potential benefits of exporting for the Nigerian economy as a whole. He said that increased exports would help to reduce the country's trade deficit, increase foreign exchange earnings, and create jobs.

Fidelity Bank has been at the forefront of promoting exports in Nigeria, and has established a dedicated export desk to support exporters. The bank has also partnered with other organizations to provide training and capacity-building programs for exporters.

In conclusion, Fidelity Bank's advice to importers to become exporters is a timely and relevant one. By diversifying their revenue streams and reducing their reliance on imports, importers can not only increase their profitability but also contribute to the growth and development of the Nigerian economy.