Fidelity Bank Pledges to Finance Agric Value Chain
By Modupe Gbadeyanka
One of Nigeria’s leading financial institutions, Fidelity Bank, has reiterated its commitment to continue to back agricultural value chain.
This, the bank said, it would do in the area of providing funds and technical advisory services to agribusinesses.
Speaking on Tuesday in Lagos at the breakfast meeting organised by Nigerian-Netherlands Chamber of Commerce (NNCC), Fidelity Bank’s Head of Agric Division, Mrs Omobola Odubanjo, noted that Nigeria is blessed with over 84 million hectares of arable land suitable for crop cultivation and livestock production.
She however lamented that only 40 percent of that land mass is cultivated while 1 percent is irrigated, stating further that Nigeria has a youthful population yet to be sufficiently engaged.
According to her, with a population of 180 million people, Nigeria has one of the largest economies in Africa with great opportunities for its agricultural, manufacturing and services activities.
Mrs Odubajo said taking all these into consideration, her bank made the decision to tap into this ‘fallow ground’ in order to boost the country’s economy and make the sector a major foreign exchange earner for Nigeria.
The bank chief charged investors to immediately take advantage of the prevailing opportunities in the sector, assuring them of quick returns on investment.
“Having the right partner makes doing business in Nigeria easy. We can also help you manage your trade risk through Documentary Collection, Documentary Credits via Letter of Credits, market research, enhancing your Working Capital and providing Bonds and Guarantees to support payment obligations,” she said at the event.