Tag fidelity bank advices importers to become exporters

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Fidelity Bank Advises Importers to Become Exporters

Lagos, Nigeria - Fidelity Bank Plc, one of Nigeria's leading financial institutions, has advised importers to consider diversifying their business by becoming exporters. The bank made this call at a recent seminar organized for importers and exporters in Lagos.

According to the bank, becoming an exporter can be a lucrative business opportunity for importers, as it can help them reduce their reliance on foreign exchange and increase their revenue. The bank noted that Nigeria has a large and growing market for exports, particularly in the areas of agriculture, manufacturing, and services.

The bank's Head of Trade Finance, Mr. Niyi Ajao, said: "Importers often focus on importing goods into the country, but they can also consider exporting Nigerian goods to other countries. This can help them to reduce their costs, increase their revenue, and contribute to the growth of the Nigerian economy."

Ajao added that the bank is committed to supporting importers and exporters by providing them with access to trade finance facilities, such as letters of credit, bills of lading, and other trade-related services.

The seminar, which was attended by over 100 importers and exporters, also featured presentations by experts in the trade finance sector, who shared their experiences and insights on the benefits of exporting and the challenges that exporters face.

The bank's advice to importers to become exporters is in line with the Nigerian government's efforts to diversify the country's economy and increase its exports. The government has set a target of increasing Nigeria's exports to 20% of its GDP by 2025, up from the current level of around 10%.

Overall, Fidelity Bank's advice to importers to become exporters is a timely and relevant one, as it can help to promote economic growth and development in Nigeria.