AFREXIM, Fidelity Bank, JohnVents sign $40m cocoa export deal

Bisola David
Bisola David
Cocoa hits largest weekly gain in 24 years at $6,470 as Nigeria's supply drops

Fidelity Bank, African Export-Import Bank, and JohnVents Industries struck a $40 million cocoa export transaction at the Fidelity Bank International Trade and Creative Connect in Houston, Texas.

The Punch reported that according to a bank statement issued on Sunday, the $40 million pre-export finance facility was signed at the trade show.

AFREXIM Bank would provide the loan, with Fidelity Bank acting as the local administrative agent.

Fidelity Bank Plc’s Managing Director/Chief Executive Director, Mrs Nneka Onyeali-Ikpe, commented on the transaction, saying, “We are delighted to participate in the tripartite loan signing ceremony as it demonstrates the size of the opportunity in the Nigerian cocoa market and its potential to meet the demand of off-takers in the US.”

“This also highlights the importance of our partnership with AFREXIM Bank, particularly in providing much-needed credit to last-mile beneficiaries in order for them to scale up their operations and cater to a global market. These are in line with our goals for FITCC, and we are delighted to organize the formal deal-signing event here.”

The trade show’s second edition took place over two days in Houston, Texas, USA. The expo attempted to accomplish various goals, including boosting the pipeline of Nigerian enterprises exporting to the US market, providing additional ethnic product options to the diaspora market, and enabling exporters to build capacity to improve product quality and satisfy international standards.

In welcoming attendees to the event, Onyeali-Ikpe stated that the expo’s goal was to close around $250m worth of deals.

“Global developments have necessitated the need to constantly seek viable alternatives as businesses work to stay competitive in a rapidly evolving macroeconomic environment,” she said.

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