The Federal Republic of Nigeria and the International Trade Financing Corporation (itfc) has signed a one billion dollars framework agreement for the next couple of years.
Jaiz Bank has also signed a $10 million agreement for the Murabaha financing facility.
The signing ceremony took place on Saturday at the four day 2023 Group Annual Meetings of the Islamic Development Bank (IsDB) ongoing in Jeddah, Saudi Arabia.
Speaking shortly after signing the agreement, the minister of finance who led Nigeria’s delegation at the meetings, Zainab Ahmed said the relationship between Nigeria and the ITFC will continue to grow looking at the positive impact it is making.
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“ITFC is one of the high performing subsidiaries of the IsBD, we have a strong presence in Nigeria supporting businesses largely the energy sector and also agriculture and trade and they have been doing that through partnerships with financial institutions operating in Nigeria.
“Today we signed a framework agreement that charts the roof of our partnership over the next couple of years with the ITFC.
“Also, today, it signs agreement with Jaiz Bank for the benefit of one of our state. They continue to work with us to improve the performance of businesses and thereby improving the growth of our economy.
“Our hope and target is to see that itfc triples its portfolios in Nigeria within the next year’s coming.”
She called on the corporation to continue to render their support to the countries and also improve the capacities of not just companies but also the sovereign government.
On his part, the Managing Director, Jaiz Bank, Surajo Salisu while expressing his gratitude said, “we are happy with this trade finance line for our customers, when we go back home, it will surely go a long way to assist our customers.
“Where governments are coming to sign agreements for their countries, we are here as a private institution to sign for ourselves, it definitely shows how great we are performing.
“Our partnership with the itfc has been for five years now and there was no disappointment, that is why you Jaiz Bank is joining among ministers and governments signing for itself.
“Hundred percent our business is localised and will be utilised locally and additional foreign exchange will come into the country with great turnover. It will be of benefit to the country, to our people and the Islamic bank.”
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