A framework agreement worth $1 billion has been signed by the Nigerian government and the International Trade Financing Corporation (ITFC) for the upcoming two years.
The signing ceremony took place on Saturday during the Islamic Development Bank’s (IsDB) four-day 2023 Group Annual Meeting, which took place in Jeddah, Saudi Arabia.
The connection between Nigeria and the ITFC will continue to grow in light of the beneficial impact it is having, according to Zainab Ahmed, the Minister of Finance who served as the head of Nigeria’s delegation at the meetings, who said shortly after the agreement was signed.
A $10 million contract for the Murabaha financing facility has also been inked by Jaiz Bank.
“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 an agreement with Jaiz Bank for the benefit of one of our states. They continue to work with us to improve the performance of businesses and thereby improve the growth of our economy.
“Our hope and target are 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.
“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,” Managing Director, Jaiz Bank, Surajo Salisu.
“Where governments are coming to sign agreements for their countries, we are here as a private institution to sign for ourselves, it 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 joining among ministers and governments signing for itself.
“Hundred percent of our business is localized and will be utilized 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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