Ecobank named ‘Best Trade Bank in Nigeria’

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By Amaka Ifeakandu

Ecobank has been named the Best Trade Bank in Nigeria by London-based ‘Trade Finance Magazine’ in their 2013 Awards for Excellence. Their annual survey ranks firms based on votes gathered from industry players and members of the magazine’s editorial team. It said that manufacturers, exporters, importers, traders, government and multilateral agencies were consulted for their input on this survey.

This award comes amidst a growing demand for trade finance, as Nigeria continues to implement economic and structural reforms to create a stronger and a more diverse economy.
Commenting on the award, executive director, corporate banking, Ecobank Nigeria,  FolukeAboderin,said the bank’s pan-African orientation presents enormous opportunities for intra-African trade.  “We have been particularly active in the oil and gas sector but we are seeing increasing demand for our innovative financing solutions, including our online corporate banking service from other key sectors in the Nigerian economy, such as telecoms, power, manufacturing and agriculture.”

She stated that in 2013, Ecobank Nigeria facilitated $1.2 billion of petroleum product import deals and over $450 million of trade in crude oil across the West African region.
The bank also structured $100 million of oil and gas deals on behalf of petroleum importers in southern Africa. Ecobank Nigeria also facilitated the export of various non-oil products across Africa.

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