Fidelity Bank Inks $40 Million Deal with AFREXIM Bank and JohnVents Industries for Cocoa Exports at FITCC Houston.
The second edition of the Fidelity International Trade and Creative Connect (FITCC) kicked off with great enthusiasm as Fidelity Bank Plc hosted a diverse array of businesses, regulatory authorities, diplomatic representatives, and other esteemed guests at the opening ceremony in Houston, Texas, USA.
Dubbed “FITCC Houston,” this two-day event has set its sights on several critical objectives, including expanding the pipeline of Nigerian businesses exporting to the US market, providing the diaspora market with a broader range of ethnic products, and enabling exporters to enhance their product quality and meet international standards.
READ ALSO : Houston, Texas gears up for Fidelity Bank’s FITCC Trade Expo
Welcoming participants to the event, Mrs. Nneka Onyeali-Ikpe, the MD/CEO of Fidelity Bank Plc, underscored the need for businesses to cater to an international customer base in the face of global developments. She emphasized the imperative of international collaborations and cross-border offerings in an increasingly dynamic macroeconomic environment. FITCC, initiated in 2022 with the inaugural expo held in London last November, aims to facilitate deals worth approximately $250 million this year, building upon the success of the previous edition where deals worth around $200 million were closed during and after the event.
The opening session featured keynote and goodwill addresses by Professor Benedict Oramah, President and Chairman of the Board of Directors of the African Export–Import Bank (Afreximbank), and Dr. Uzoma Emenike, Nigeria’s Ambassador to the United States of America.
The highlight of the event was the exhibition, showcasing more than 160 businesses from Nigeria and the US, representing various sectors such as fintech, commodities, fashion, cosmetics, services, creative arts, agriculture, and the non-oil extractive industries.
Joyce Awosika, the Founder/CEO of Oriki Spa, expressed eagerness to engage with customers and deliver an impactful experience with their products at FITCC Houston.
A significant moment at the event was the signing of a $40 million pre-export finance facility in favor of JohnVents Industries, one of the exhibitors. This landmark deal, facilitated by AFREXIM Bank with Fidelity Bank acting as the local administrative agent, reflects the size and potential of the Nigerian cocoa market to meet the demand of off-takers in the US.
Mrs. Onyeali-Ikpe, speaking with journalists at the event, expressed delight in hosting the formal signing ceremony, emphasizing the alignment of this achievement with FITCC’s objectives and the bank’s commitment to facilitating last mile beneficiaries in expanding their operations and reaching global markets.
The first day of FITCC Houston concluded with “The Connect Plus Fashion Show,” dedicated to showcasing unique Nigerian fashion pieces. The event featured models adorned in culturally inspired designs from various Nigerian labels, including Bijelly Couture, Eclectic Chique, and MODChic, providing a platform for networking among attendees and participants.
Fidelity Bank, recognized as one of the best banks in Nigeria, serves over 8 million customers through its 251 business offices in Nigeria and the United Kingdom, as well as digital banking channels. The bank has received prestigious awards, including Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 from the Global Banking and Finance Awards, as well as recognition as the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
