Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, underscores the significance of preparedness and expertise for Nigerian businesses aiming to expand their operations on a global scale.
The bank emphasised that a comprehensive understanding of export regulations, market conditions, cultural disparities, and strategic partnerships is crucial in helping businesses navigate the complexities of international trade and enhance their chances of success.
During a recent appearance on 99.3FM Nigeria Info’s 3T Impex AfCFTA Trade Discourse radio show, senior manager of Business Development for Africa China Banking, Business and Commercial Clients at Stanbic IBTC Bank, Lu Fan, highlighted the substantial potential of exporting goods and services for businesses to broaden their customer base, boost revenue, and gain a competitive advantage in the global market.
However, successful exports, he said, requires more than just a desire to enter new markets; they demand the presence of a strategic partner who can assist in navigating the complexities of international trade.
According to Lu Fan, the Stanbic IBTC Africa-China Trade Solution is a platform that enables Nigerian businesses to engage in trade with Chinese counterparts, providing various financing options and risk management tools to facilitate smooth and secure transactions.
The solution encompasses various trade finance products, such as letters of credit, guarantees, and documentary collections, which help mitigate the risks associated with cross-border trade. Additionally, he said, the platform offers foreign exchange services to enable businesses to manage currency fluctuations.
Through its partnership with the Industrial and Commercial Bank of China (ICBC), one of the largest banks globally, seamless processing of transactions between Nigerian and Chinese businesses is ensured, along with access to a broader range of trade finance products and services.
“Our team of experts at Stanbic IBTC Bank provides guidance and support to businesses as they navigate the complexities of international trade. With our deep expertise in export finance, trade facilitation, and other critical areas, we are well-positioned to help businesses succeed in the global marketplace,” stated Lu Fan.
The Stanbic IBTC Africa-China Trade Solution supports Nigerian businesses seeking to expand operations into China or strengthen their trade with Chinese counterparts. With its comprehensive range of financing, risk management tools, and strategic partnerships, the platform offers a robust and secure solution for cross-border trade.
Stanbic IBTC Bank encourages businesses to prioritise strategic trade partners, and with its diverse client base, including local corporates, multinationals, and government entities, the Bank is well-equipped to support businesses in their global trade endeavours.
