Business
Boosting Global Trade Amidst Current Economic Slowdown
Trade is crucial to bridging economic gaps and boosting infrastructural development. Countries with strong international trade portfolios tend to grow faster, innovate more, and provide higher incomes and economic opportunities for their citizens.
Beyond the integration into the global economy through trade and global value chains that help drive economic growth, open trade also benefits low-income households by allowing consumers to access affordable goods and services.
However, the impact of Russia’s war in Ukraine has been felt by people far beyond the country’s borders, due in part to its effects on trade-in – and the prices of – foodstuff and energy commodities. One year since the war began, the World Trade Organisation (WTO) published a report assessing the conflict’s impact on trade and development. Cereal exportation to Africa which is germane to food security in the region declined by almost 15% in 2022 with prices of the commodities like wheat increasing by almost 17%.
This trade disruption led the World Trade Organisation (WTO) to readjust its 2023 trade growth projection downwards from 3.4% to 1% given the continuing reduced global trade demand, general inflation, and geopolitical tensions. The United Nations Conference on Trade and Development (UNCTAD) agreed, lowering their projections for 2023 in their latest Global Trade Update, published in December. Furthermore, Export Development Canada (EDC) published their annual year-end Trade Confidence Index, reporting that trade confidence has declined sharply for Canadian businesses over the past year and continues to decrease among concerns over rising interest rates and a looming global recession.
In Nigeria, a similar slow-down trend in Trade is expected for 2023 considering that the global geopolitical tension and inflation hike will trickle down to the micro-economy as well as the FX illiquidity issues we have been experiencing locally for about 2 years due to revenue drop will further slowdown trade for 2023.
However, amid the challenges militating the flow of international trade in Europe; the Americas, Asia, and Africa could be viable trading partners for the rest of the world in supplying, cereals, fertilizer, energy, and manufactured goods thereby having a thriving trade business for 2023 and beyond.
The Global Trade Review is an annual event where global experts in the trade and commerce industries come together to discuss global trade as it affects the economies of each continent and country and seek solutions to manoeuvre challenges that may be presented. This year’s event themed “A new dawn: plotting a course for West African trade” plans to bring together stakeholders and global experts to discuss how Africa as a whole and West Africa as a region can maximize the Trade opportunities that this global challenging time has thrown up.
On the African continental stage, Stanbic IBTC Bank’s unique intra-African trade products enabled settlements of international transactions while preventing payment risks associated with the international trade business. This was in addition to providing regional solutions such as the issuance of payment guarantees to exporters without the need for a letter of credit and its related costs to the importer.
As global trade weathers the current challenges, the need for providing cross-border payments remains imperative. Africa is a major trade partner with Europe, China, and other Asian countries, thus, the significance of Stanbic IBTC’s Africa China Agent Proposition (ACAP), a product tailored at providing world-class financial solutions to African importers who transact with China exporters. The payment system makes available exclusive access to approved trade agents responsible for linking African businesses to numerous suppliers and manufacturers across China. The appointed agent provides access to over 10,000 Chinese suppliers and assesses suppliers, to ensure that their products meet global standards.
ACAP offers a broad ecosystem of services, solutions, and support, which equips African businesses to leverage trade as well as growth opportunities and ultimately drive Africa’s economic growth. The ecosystem services afford importers from Africa sufficient lead time to place orders for their goods before payment is made. It also helps to ease the cash flow of African importers, by providing access to financing while also empowering importers to have end-to-end visibility of the entire importation and logistic process.
Inter-dependencies with other countries at different levels of trade are necessary as no country is self-sufficient in the global economy. Integration into the global economy has proven to be a powerful tool for countries to promote economic growth, and development and reduce poverty. Stanbic IBTC also engaged in strategic partnerships with other multilateral and regional organisations such as the African Development Bank, African Export– Bank, ECOWAS Bank for Investment and Development, and Arab Bank for Economic Development in Africa (BADEA) in the facilitation and implementation of the African Continental Free Trade Area (AFCFTA) agreement to the benefits of its clients. Furthermore, it has continued to provide financial guarantees and solutions to small and medium-scale enterprises in the continent, which account for more than 80 percent of the continent’s economic space.
Similarly, through Stanbic IBTC’s Trade Club solution, there is access to unlimited opportunities for business owners to meet and trade with suppliers anywhere in the world. The Stanbic IBTC Trade Club solution provides financing solutions for domestic or cross-border trade activities. It also provides good exposure for business owners to trade with manufacturers and suppliers worldwide, giving them the necessary exposure for their businesses to thrive. The solution identifies with businesses, empowering them with the required trade tools and expertise, while linking them with new global trade partnerships they can trust while nurturing their growth through good human relationships.
The Stanbic IBTC Trade Club, using its trade resources, provides relevant tips and the right tools to build your business. It also provides useful information regarding business models, accounting, marketing, and legal aspects that enable businesses to achieve set goals.
With Stanbic IBTC’s unique financial offerings, Africa remains on the part of an economic resurgence that will eventually enable the continent to compete with other economies of the world.
Business
Fidelity Bank Supports Modupe Cole Memorial School, Lagos
Fidelity Bank Supports Modupe Cole Memorial School, Lagos
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
In continuation of its drive to alleviate the impact of economic hardship and suffering among indigent Nigerians, Fidelity Bank Plc recently donated food items to Modupe Cole Memorial Childcare and Treatment Home School in Akoka, Lagos.
CAPTION:
L- R. Tolulope Rojaiye, Team Member, Brand and Communications, Fidelity Bank Plc; Osho Olufunmilayo Bamidele, Vice Principal 2, Modupe Cole Memorial Childcare and Treatment Home School; and Victoria Mbonu, Class President, Intellect Nexus Inductee Class, Fidelity Bank Plc; during a Corporate Social Responsibility (CSR) donation event executed by Fidelity Bank at Modupe Cole Memorial Childcare and Treatment Home School, Akoka, Lagos recently.
The donation which aligns with the Bank’s Corporate Social Responsibility (CSR) pillars of education and health, was championed by the Intellect Nexus Class of 2024 under the Fidelity Helping Hands Program (FHHP). Through this initiative, Fidelity Bank staff identify community needs, raise funds to address them, and receive matching support from the bank to implement impactful projects.
Explaining the bank’s commitment to supporting its host communities, the Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr. Meksley Nwagboh, noted that, “At Fidelity Bank, we recognise the symbiotic relationship we have with the communities where we operate. This informs our decision to not only provide our host communities with relevant financial services but to also impact them with developmental projects.
“We are inspired by the great work being done here at Modupe Cole Home School and our donation is a small token of appreciation for this as we aim to support the well-being of these exceptional children.”
On his part, the Vice Principal of the school, Mr. Isiaka Ajani, expressed gratitude for the bank’s consistent support noting that Fidelity Bank’s gesture is a huge encouragement to the school.
“We say thank you for the gift items that you have brought to us today, and this shows that we are not alone in the mission to provide care and education to children with special needs.
“This institution is a testament to the belief that there is ability in disability. We have children here who have passed common entrance examinations and gained admission into higher institutions despite their challenges. It is our mission to help them achieve their potential.
“The school had made effort to provide academic and vocational training programs in bead-making and hairdressing, and specialized care for residents with severe disabilities for its 476 residents, many of whom have been abandoned by their families.” He stated.
Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 255 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Business
Access Bank to Host Pioneering Africa Trade Conference in Cape Town
Access Bank to Host Pioneering Africa Trade Conference in Cape Town
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Access Bank PLC is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’. Scheduled for March 12, 2025, in Cape Town, South Africa, the conference is poised to bring together the most influential voices in trade, finance, and policy to address the future of commerce across the continent.
With Africa’s trade finance gap estimated at $81 billion annually, the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and domestic firms. By fostering collaboration among key stakeholders, the Conference will explore innovative solutions, sustainable trade practices, and strategies for expanding African economies into global value chains.
Roosevelt Ogbonna, Group Managing Director/Chief Executive Officer, Access Bank PLC, emphasised the importance of the Africa Trade Conference, in addressing these pressing issues. “The Africa Trade Conference represents a crucial step in redefining Africa’s trade potential. By creating platforms for dialogue, innovation, and actionable solutions, Access Bank is enabling African businesses to connect and thrive in the global economy.”
Access Bank’s presence across 24 countries globally, including 16 in Africa, provides a unique advantage in facilitating inter- and intra-African trade. The Bank’s growing network positions it as a key player in addressing trade complexities and promoting inclusive growth across the continent.
Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, highlighted the broader vision of the forum, saying, “The Africa Trade Conference is a platform to not only address Africa’s trade challenges, but to champion the continent’s opportunities. Through strategic partnerships, tailored financial solutions, built on the ethos of sustainability, we are paving the way for Africa’s businesses to take their place on the global stage.”
This flagship event will convene a distinguished line-up of seasoned speakers, and top executives from leading international banks, Development Finance Institutions (DFIs), and captains of industry in Africa.
The ATC will also shine a spotlight on the transformative potential of the Africa Continental Free Trade Area (AfCFTA), which aims to reduce trade barriers, enhance infrastructure, and integrate African economies into global trade networks.
Furthermore, the event will explore critical themes shaping the continent’s economic future, including the transformative role of digitisation and innovation in global trade, solutions for overcoming trade barriers to enhance market access, as well as sustainable trade practices and innovative financing models, thereby providing a comprehensive roadmap for advancing Africa’s position in global commerce. Please visit https://africatradeconference.accessbankplc.com/ for more information.
Business
Union Bank Rewards 360 Customers with N21 Million in First Save and Win Palli Promo 4 Draw
Union Bank Rewards 360 Customers with N21 Million in First Save and Win Palli Promo 4 Draw
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Union Bank, Nigeria’s leading financial institution, has kicked off its Save and Win Palli Promo 4campaign on a high note following the announcement of its first set of winners in its inaugural monthly draws.
The first live draw of this season, which took place at the Bank’s Head Office in Marina, Lagos, rewarded 60 customers with ₦100,000 each. Additionally, 300 other winners went home with ₦50,000 worth of gift vouchers during the inaugural live draw, which was conducted transparently and digitally under the supervision of relevant regulatory bodies. The winners cut across the nation.
Speaking at the first monthly draw, Gloria Omereonye, Union Bank’s Area Business Executive for Lagos Island 1, stated, “Union Bank is always dedicated to rewarding customers for their loyalty and financial discipline.
We are pleased that our promo has continued to achieve its noble goals of providing succour to our customers through our gifts and rewards, especially in these economically trying times, while facilitating a sustainable savings culture for future goals and objectives.”
Save & Win Palli Promo is a nationwide campaign designed to reward both new and existing customers with cash prizes. Season 4, which began in December 2024 and runs until May 2025, offers customers the opportunity to win ₦131 million in cash prizes, Motorcycles, Tricycles, Fuel Vouchers, and a star prize of ₦5 million, which will be handed out to three lucky winners at the grand finale.
Open to new and existing customers, the Save and Win Palli Promo requires participants to save a minimum of ₦10,000 and perform a minimum of five transactions monthly to qualify for draws. Monthly winners can receive ₦100,000, while quarterly draws will reward lucky savers with Motorcycles, Tricycles, and other exciting prizes.
Customers who save in multiples of ₦10,000 will increase their chances of winning.
New customers can join the promo by downloading the UnionMobile app to open an account or visiting any Union Bank branch.
Existing customers can reactivate accounts by calling the 24-hour Contact Centre at 07007007000 or visiting a branch.
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