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Fidelity Bank Plc, a leading Nigerian bank, has reaffirmed its commitment to actively support the Central Bank of Nigeria’s (CBN) efforts to achieve its goal of $200 billion in Foreign Exchange (FX) repatriation from non-oil exports over the next five years.

The Executive Director, Northern Businesses, Fidelity Bank Plc, Hassan Imam made this known on Monday in Kano at a workshop for exporters and investors on the implementation and opportunities in the new CBN RT200 FX Policy.

Imam stated that the financial institution would not relent in its efforts to bridge the knowledge gap in the non-oil sector space by facilitating the necessary processes and documentation for the new policy, with the goal of increasing FX repatriation through exportation.

The CBN had unveiled the RT200 FX Programme on February 10, 2022, as part of measures to reduce the increasing demand for foreign currency by importers, which frequently puts excessive pressure on the exchange rate.

Fidelity Bank

L–R: Gidado Abu Gidado, representative of Nigerian Export-Import (NEXIM) Bank; Yakubu Gambo, Head, Product and Market Development North-West Region, Nigeria Export Promotion Council (NEPC) – Kano Regional Office; Mannir Ringim, Regional Bank Head, North West 1, Fidelity Bank Plc; Isaiah Ndukwe, Divisional Head, Export and Agriculture, Fidelity Bank Plc; Dr Bamidele Ayemibo, Managing Director, 3T Impex Trade Academy (Consultant) and Zainab Potiskum, staff of NEXIM Bank at the Fidelity Bank Sensitization Programme on the CBN RT200 FX Programme in Kano on Monday, February 21, 2022.

With the implementation of this policy, the CBN has stated that the supply of foreign currency to commercial banks will cease by the end of 2022, while investors will be able to generate forex through the RT200 FX Program template provided to strengthen commodity exports.

The Regional Bank Head, North West 1, Fidelity Bank Plc, Mannir Ringim re-emphasised the bank’s readiness to support government’s economic imperatives to boost revenue in non-oil sector of the economy.

“As you know Nigeria is currently an import-dependent economy with so much pressure on our currency and the source of revenue as a nation is petrol dollar. So, the initiative of the CBN is to leverage on our non-oil products especially in agriculture like hibiscus flower, cashew nut sesame and many other products for exports.

“Now, Fidelity Bank wants to remain the exporters’ bank of choice not only by providing finance but by helping exporters in bridging the knowledge gap in exporting their commodities. We are committed to this initiative to improve our economy, reduce pressure on local currency and provide an enabling environment to grow the non-oil sector to also create massive job opportunities”, Ringim explained.

Speaking on the need for strategic planning in the non-oil sector, Head of Export and Agric Businesses at Fidelity Bank, Isaiah Ndukwe said the bank is well positioned to advance the CBN policy thrust to reduce our over-dependence on oil revenue in the country.

He stated that the bank is committed to improving the banking system’s competitiveness while focusing on developing exporters’ capability in the fundamentals of local commodity exportation. Isaiah emphasized that the new policy will not only reshape exporters’ mindsets, but will also infuse value addition on their commodities, allowing them to earn more forex.

According to him, the workshop tagged, Harnessing Export Business Opportunities, CBN RT200 FX Programme: current issues, non-oil exports and implications to business; drew inspiration on the policy’s guidelines.

The guidelines involve the provision of a single digit credit facility to exporters, provision of rebates on foreign currency, funding of commodity production and value-addition processes, building terminals and the convening of a biannual summit for the review of the implementation of the policy.

Exporters at the sensitization event expressed satisfaction on the capacity-building initiative as it enabled them to get acquainted with the CBN policy and opportunities in export business.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6million customers who are serviced across its 250 business offices and digital banking channels.

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Trade minister, Uzoka-Anite launches NATEP, targets 50 Million jobs for youths 

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The minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite has launched the National Talent Export Programme (NATEP) in a bid to position Nigeria as a talent export hub designed to create not less than one million jobs in the next five years.

 

The Minister performed the launching on behalf of President Bola Ahmed Tinubu at the sidelines of the 78th Session of the United Nations General Assembly (UNGA), in New York, United States of America.

 

In her opening remarks at the launch of the initiative at the Microsoft office in NewYork, the minister highlighted the need to ensure Nigeria takes the lead in exporting global talents that are doing well across the world which will also drive a huge investment in training and also attracting more investment in talent exportation.

 

According to her, the initiative is in line with President Bola Tinubu’s Renewed Hope agenda to diversify the Nigerian economy, create sustainability opportunities and generate about 50 million jobs for the youths over time.

 

“NATEP is an initiative that will serve as a special purpose vehicle (SPV) to position Nigeria as a leading global hub for service export, talent sourcing and talent export.

 

“As part of our strategy towards achieving this, President Bola Tinubu whose agenda is job creation, we have initiated a National Talent Export Programme (NATEP) for Nigeria, which targets the creation of one million jobs across Nigeria with a target of five years in line with the theme of this year’s UNGA, which is rebuilding trust and igniting global solidarity, accelerating action on the 2030 agenda and the sustainable development goals towards peace, prosperity, progress and sustainability for all”, the minister said.

 

Uzoka-Anite further informed the large gathering comprising of world leaders and other giant tech companies across the globe like; Amazon, World Economic Forum, Microsoft group, Flour Mills Nigeria, Meta, Google and a host of others, that the global talent sourcing industry is valued at $620 billion as at 2020 and industry pundit have forecasted it will be valued at about $904 billion by 2027.

 

“Nigeria can supply top talents for the global service export and outsourcing business. With over 1.7 million graduates from higher education institutions entering the workforce annually, this will reduce the burden of unemployment and over-dependence on the government for jobs”, she explained.

 

The Minister further noted that NATEP was specially created to arrest the bottleneck facing the talent and service sector export industry, which will enhance competitiveness, and innovation, and drive sustainable development growth, empowerment and training through trade and value chain exchange.

 

She added: “Nigeria is ready to become a global hub for talent export, as the government is ready to take full advantage of the African Continental Free Trade Agreement (ACfTA) to penetrate the huge continental market and target job opportunities.

 

“As a country, we have a significant value proposition for regional and global markets for the export of services. We will actively target Greenfield and brownfield job opportunities in the United Kingdom, Europe, China, Canada, the United States of America and a host of other countries”.

 

The Minister For Communications, Innovation and Digital Economy, Dr. Bosun Tijani, while addressing participants at the launch disclosed that launching NATEP was timely, adding that to drive the mandate for Nigeria to be positioned as one of the global talent export hubs in Africa and the world will see Nigeria benefit more in terms of generating huge revenue, digitalization of the economy, more robust data protection opportunities and also avert the massive brain drain within the youth demography.

 

According to him, Nigerians in the diaspora are doing great things in the tech world, adding that it’s time for Nigeria to benefit by making more money and develop other youths to maximize their potentials.

 

“With a youthful population and over 1.7 million graduates from higher educational institutions joining the workforce each year, Nigeria has the potential to provide high-quality talent for the Global Service export and outsourcing industry. We must first identify them, train them and make the world see the stuff they are made of. We will not only create jobs but also empower them with the basic skills of survival and pass them on to the next generation” Dr Tijani said.

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The Disappointing State of Customer Relations Among Instagram Merchants

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By Otunba Deoye Otukoya

 

Introduction:

In today’s digital age Instagram has become an indispensable platform for businesses to connect with customers and promote their products or services. With the increasing popularity of Instagram stores it is essential for merchants to prioritize good customer relations. However a prevalent issue that deserves attention is the lack of professionalism and poor communication exhibited by some Instagram merchants. Many customers have reported incidents where the merchants provide their phone numbers on their timelines but fail to respond adequately or display unpleasant attitudes when contacted. This article aims to shed light on this concerning trend and the implications it has on customers and businesses alike.

 

1. Accessibility Matters:

One of the fundamental aspects of ensuring good customer relations is the accessibility of the merchant. By voluntarily providing their phone numbers merchants convey the impression of being available and open to customer inquiries. However the reality often falls short of this expectation. Too frequently customers are left frustrated and inconvenienced when their attempts to contact merchants go unanswered for days or are met with dismissive responses. This lack of availability undermines trust and damages the overall customer experience.

 

2. Unprofessional Attitudes:

Another significant concern is the unprofessional conduct and negative attitudes displayed by certain Instagram merchants when interacting with customers. The success of any business hinges on creating a positive relationship with consumers. However some merchants who put their phone numbers out for public use have been observed to have a lackadaisical approach towards customer engagements. Instances of rude behavior impatience and unhelpfulness have been reported leaving customers feeling disrespected and discouraged from engaging with that particular merchant or even shopping on Instagram altogether.

 

3. The Ripple Effect:

The ramifications of poor customer relations go beyond individual experiences. When customers have negative encounters with Instagram merchants they are likely to share their frustrations with friends family and online communities. Word-of-mouth plays a crucial role in shaping a merchant’s reputation and negative reviews can quickly spread damaging the business’s credibility. Consequently merchants who fail to prioritize customer relations may find themselves losing potential customers and hindering their long-term growth prospects.

 

4. A Call for Improvement:

To address this issue it is imperative for Instagram merchants to recognize the significance of good customer relations and take proactive steps to improve their interactions with customers. Some crucial measures include:

 

a. Prompt Responses: Merchants should aim to respond to customer inquiries in a timely manner ideally within 24 hours. This showcases attentiveness and professionalism fostering positive customer relationships.

 

b. Polite and Respectful Communication: Merchants need to maintain a respectful tone even when faced with challenging or repetitive customer inquiries. Good customer relations require patience and understanding.

 

c. Training and Empathy: Merchants should invest time in training their customer support staff emphasizing the importance of empathy and effective problem-solving. Understanding the customer’s perspective can go a long way in providing satisfactory resolutions.

 

d. Feedback and Improvements: Merchants should actively seek feedback from customers to identify areas for improvement. This feedback loop can assist in refining their customer relations strategies and forging stronger connections with their target audience.

 

Conclusion:

The alarming lack of good customer relations displayed by some Instagram merchants is a disheartening trend that affects both customers and businesses. By prioritizing accessibility professionalism and respect in their interactions merchants can foster an environment of trust and loyalty. Overlooking the importance of good customer relations may lead to a decline in sales and reputation. Ultimately developing strong customer relations on Instagram will not only boost customer satisfaction but also drive growth and success for merchants in the long run.

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