Banking & Finance
Stanbic IBTC Empowers Nigerian Export Business Owners
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, has empowered export business owners with the knowledge and resources needed to succeed in the export trade sector through its recently hosted Trade Export Webinar.
During the webinar, “Getting Your Business Export Ready,” attendees gained valuable insights on successfully navigating the complexities of exporting goods and services in the export trade sector. They learned about the various regulations and compliance requirements, the best practices for finding the right partners, managing risk, using trade barometers, and building trade relationships with potential clients.
Olufemi Oyekola, Head of Enablement and Ecosystem at Stanbic IBTC Bank, noted during his opening remarks that the exchange of goods through export and import activities determines the economic status of a nation. Unfortunately, Nigeria has been an import-dependent nation. Oyekola stated that the trade sector catalyses rapid economic growth, which fosters international relations between countries. An economy that would flourish must place more emphasis on exports than imports.
Chigozie Onyeocha, Head of Africa China Banking at Stanbic IBTC Bank, said, “At Stanbic IBTC, we are constantly on the lookout for the latest trends that support our agenda for business growth.” Onyeocha added that the webinar aimed to empower export business owners with the knowledge to prepare for headwinds, as World Trade Organization (WTO) economists predict a 1.0% increase in global merchandise trade volumes, down sharply from the previous estimate of 3.4%.
The panel session at the webinar featured seasoned veterans of international trade, who shared their experiences and provided practical advice to help businesses succeed in the global marketplace. They also discussed the latest trends and developments in the industry, such as the trade barometer, the importance of e-commerce, trade growth of 2023, Africa-China Trade Solutions offerings, and exporting non-oil products.
The panellists included Bamidele Ayemibo, Lead Consultant, 3T Impex Trade Academy; Ifeoma Abdul, Manager, Trade Finance, Business and Commercial Clients, Stanbic IBTC Bank; Lu Fan, Senior Manager, Business Development, Africa China Banking, Business, and Commercial Clients, Stanbic IBTC Bank and Oluwaseun Odunsi, Export Trade Specialist, TPS Trade, Stanbic IBTC Bank.
Others include Philip P Myburgh, Executive Head, Trade and Africa China, Business and Commercial Clients, Standard Bank Group; Chigozie Onyeocha, Head, Africa China Banking; Olajumoke Bello, Head, Enterprise Banking, Stanbic IBTC Bank and Olufemi Oyekola, Head, Enablement, and Ecosystem, Stanbic IBTC Bank.
Attendees also learned about the services offered by Stanbic IBTC Bank to support their export operations, including trade finance, foreign exchange hedging, and international payment solutions. Stanbic IBTC Bank is committed to businesses in their efforts to expand globally.
The webinar provided an informative and comprehensive overview of the export trade business and how Stanbic IBTC Bank helps businesses in their efforts to succeed in the industry and expand globally. The statistics on Nigeria’s trade sector and the challenges of expanding into new markets made the webinar worthwhile and even more informative. Overall, it was a successful and impactful event that provided valuable insights to the attendees. To watch a replay, visit here.