First Bank of Nigeria Plc has reaffirmed its dedication to bolstering businesses through a range of initiatives aimed at fostering a robust business environment and stimulating economic growth.
Mrs. Olaitan Martins, Group Executive of Transaction Banking, reiterated this commitment during an interactive session with Fast-Moving Consumer Goods (FMCGs) business owners held on Wednesday in Lagos.
The session was specifically designed for FMCG distributors in the Southwest region to provide insights into business development strategies and avenues for expanding their revenue streams.
Martins emphasized that the forum was part of the bank’s ongoing efforts to actively engage and educate its clientele on business enhancement while also recognizing the pivotal role played by key distributors and principals within the FMCG sector.
Significance of supporting businesses
Highlighting the significance of supporting businesses that contribute to the national economy through the distribution of fast-moving commodities, Martins underscored the importance of the bank’s clientele, which comprises major distributors and principal players in Nigeria’s corporate landscape.
- “The participants in today’s event represent the core distributors and principals within the FMCG sector, serving as integral components of Nigeria’s distribution network for fast-moving commodities.
- This occasion serves as both a platform to acknowledge and celebrate their contributions to the nation’s economy and as an opportunity to provide valuable insights into managing the intricacies of the value chain business,” stated Martins.
She further emphasized the imperative of providing support to customers navigating the inherent risks associated with business operations, reaffirming the bank’s commitment to assisting its clientele in navigating these challenges effectively.
Martins underscored First Bank’s enduring presence in Nigeria spanning over 130 years and its pivotal role in both the nation’s economy and the lives of its citizens.
She elucidated that the distributor’s scheme is geared towards providing financing solutions to companies, thereby contributing to the growth of the economy.
- “FirstBank is steadfast in its commitment to supporting every business endeavor. We stand ready to assist, but it is imperative that we collaborate and work together to foster economic growth and national development,” she affirmed.
Engagement with distributors
Earlier, Mobolade Ojeahere, Group Head of Transaction Banking at FirstBank, highlighted the necessity for the bank’s engagement with distributors in light of exchange rate fluctuations.
He explained that the interactive session aimed not only to gather feedback but also to identify solutions and capitalize on challenges as opportunities for growth.
During the session, bank officials presented various products offered by the institution, dispelled misconceptions surrounding bank loans, and elaborated on strategies for distributors to leverage available opportunities.
Discussions also delved into market trends within sectors heavily influenced by FMCGs and emphasized the importance of digital solutions and embracing cashless transactions, especially within the FMCG sector, which boasts a substantial market share in Africa valued at 41.78 billion dollars.
The panel addressed inquiries ranging from calculations for different bank facilities to interest rates on various products, addressing concerns about over deductions and elucidating product dynamics while providing valuable advice to attendees.
Subsequently, awards were conferred upon the top-performing distributors from the Southwest region in recognition of their outstanding contributions.
