STORIES By Nkiruka Nnorom

Fidelity Bank Plc has disclosed that 80 per cent of the net proceeds of the N30 billion bonds it recently raised from the Nigerian Stock Exchange (NSE) will be deployed to assist export-oriented Micro-Small and Medium Enterprises (MSMEs) in the country in order to raise their level of competitiveness in the global market.

The managing Director/CEO, Mr. Nnamdi Okonkwo, made the disclosure at a one-day workshop/training on exports organised by Koinonia Ventures Limited in conjunction with the bank.

He said the capital raising exercise is expected to enable the bank fulfil its promise to increase MSME lending to 50 percent by 2017. Okonkwo, who was represented by Chijioke Ugochukwu, the bank’s Executive Director, Shared Services & Products, said the lender’s renewed focus on MSMEs was driven by its growing role in the transformation of economies.

He noted that huge prospects exist in the Agricultural and Small Medium Enterprise (SMEs) sectors, saying that the sectors can play significant roles in diversifying Nigeria’s monolithic economy if they are properly positioned.

Speaking on ‘Turning Adversity to Prosperity: A Case for a Radical Repositioning of Nigeria’s Non-Oil Export Sector’, Olufemi Boyede, MD/CEO, Koinonia Ventures, noted that the Nigerian economy can only make progress if local entrepreneurs become export-ready. Commenting on the country’s competitive advantage, particularly as it relates to export trade, Boyede said Nigeria currently has over 5, 000 exportable products, explaining that about 21 of such products can be quickly harnessed for the benefit of the nation’s economy. Alluding to the enormous successes of Obama’s National Export Initiative (NEI), the Koinonia boss urged the federal government to create the much needed environment for Nigerian exporters to thrive. “The Barack Obama Administration has made it a top priority to improve the conditions that directly affect the private sector’s ability to export”.

In her keynote address at the training programme, Aisha Abubakar, Minister of State, Industry, Trade & Investment, said government is more than ever dogged in its quest to revive agriculture as an alternative to crude oil through better reforms, value chain/addition and discouragement of export of raw materials.

“There are a sizeable number of agricultural commodities grown in Nigeria that are quoted in the international commodities market and these include cocoa, palm oil, groundnut, Sesame seed, Shea Nuts, cotton and even fish”.