Ifc partners coronation merchant bank to boost trade finance in nigeria 2

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IFC Partners Coronation Merchant Bank to Boost Trade Finance in Nigeria

The International Finance Corporation (IFC), a member of the World Bank Group, has partnered with Coronation Merchant Bank, a leading Nigerian financial institution, to boost trade finance in Nigeria. The partnership aims to increase access to trade finance for Nigerian businesses, particularly small and medium-sized enterprises (SMEs), and support the country's economic growth.

Under the partnership, IFC will provide a $20 million trade finance facility to Coronation Merchant Bank, which will enable the bank to extend trade finance to Nigerian businesses. The facility will be used to finance imports and exports, as well as provide working capital to Nigerian companies.

The partnership is expected to have a significant impact on Nigeria's economy, particularly in the areas of trade and commerce. Nigeria is one of the largest economies in Africa, and trade finance is a critical component of the country's economic growth. However, many Nigerian businesses face challenges in accessing trade finance, which can limit their ability to grow and expand.

"We are pleased to partner with Coronation Merchant Bank to increase access to trade finance for Nigerian businesses," said Eme Essien, IFC's Country Manager for Nigeria. "This partnership will help to support the growth of Nigerian businesses, particularly SMEs, and contribute to the country's economic development."

Coronation Merchant Bank's Managing Director, Banjo Adegbohun, added, "We are excited to partner with IFC to provide trade finance solutions to Nigerian businesses. This partnership will enable us to increase our trade finance offerings and support the growth of our clients."

The partnership is part of IFC's efforts to support the development of Nigeria's financial sector and promote economic growth in the country. IFC has been working in Nigeria for over 20 years, and has provided financing and advisory services to a range of Nigerian businesses and financial institutions.

Overall, the partnership between IFC and Coronation Merchant Bank is expected to have a positive impact on Nigeria's economy, and will help to support the growth of Nigerian businesses and promote economic development in the country.