{"id":9835,"date":"2022-02-07T08:51:22","date_gmt":"2022-02-07T07:51:22","guid":{"rendered":"https:\/\/thedailyleaks.com\/?p=9835"},"modified":"2022-02-07T08:51:22","modified_gmt":"2022-02-07T07:51:22","slug":"fidelity-bank-disburses-n34-billion-in-credit-to-boost-rice-value-chain","status":"publish","type":"post","link":"https:\/\/thedailyleaks.com\/fidelity-bank-disburses-n34-billion-in-credit-to-boost-rice-value-chain\/","title":{"rendered":"Fidelity Bank disburses N34 billion in credit to boost rice value chain"},"content":{"rendered":"
Fidelity Bank has facilitated\u00a0the disbursement\u00a0of over N34\u00a0Billion\u00a0in direct credit\u00a0to\u00a0players\u00a0in\u00a0the\u00a0Nigerian rice\u00a0value\u00a0chain.<\/p>\n
The bank\u2019s interventions in recent years have\u00a0 helped\u00a0 to\u00a0 unlock spontaneous financing opportunities for a large swathe of paddy\u00a0 rice\u00a0 farmers\u00a0 with\u00a0 significant\u00a0 contributions\u00a0 to\u00a0 the expansion of national paddy rice output.<\/p>\n
Only recently, the bank part-financed the construction of a 400 metric tons per day mega rice mill in Kano state owned by the Gerawa Group of Companies.<\/p>\n
Commenting on the development, Mrs. Nneka Onyeali-Ikpe, Managing Director\/CEO, Fidelity Bank Plc, said, \u201cThrough our interventions in the rice space, we have created positive impact in rural communities by way of farmer empowerment and employment generation. This is also in alignment with the business sustainability imperative of our banking business.\u201d<\/p>\n
ALSO READ:\u00a0\u00a0Fidelity Bank makes more Nigerian millionaires, rewards customers in GAIM 5 promo<\/a><\/strong><\/p>\n Shedding light on the bank\u2019s activities further down the value chain, Mrs. Onyeali-Ikpe stated that the bank directly financed the construction and installation of several integrated rice mills across different geo-political zones in Nigeria. These rice mills have a combined rice milling capacity in excess of 500,000 MT per annum.<\/p>\n Recognizing the importance of the last mile traders in the value chain, she noted, \u201cWe have also provided low-cost funds to rice traders to purchase rice from indigenous rice millers for sale to the final consumers. This has helped in stabilizing the prices of locally produced rice.\u201d<\/p>\n Whilst stressing the importance of imbibing sustainability practices, Mrs. Onyeali-Ikpe points out that the bank has modelled effective social and environmental sustainability frameworks into its agribusiness deal structuring workflow to address social and environmental sustainability requirements. This, she adds follows the CBN\u2019s Sustainable Banking Principles and Sector Guideline, IFC Performance Standards and Equator Principles.<\/p>\n The bank\u2019s activities have continued to receive recognition by operators, funding partners and all other actors in the agribusiness space. At the Bankers\u2019 Committee meeting of December 2019, for instance, Fidelity Bank was awarded 2nd position in Sustainable Agriculture Transaction of the year.<\/p>\n","protected":false},"excerpt":{"rendered":" Fidelity Bank has facilitated\u00a0the disbursement\u00a0of over N34\u00a0Billion\u00a0in direct credit\u00a0to\u00a0players\u00a0in\u00a0the\u00a0Nigerian rice\u00a0value\u00a0chain. The bank\u2019s interventions in recent years have\u00a0 helped\u00a0 to\u00a0 unlock spontaneous financing opportunities for a large swathe of paddy\u00a0 rice\u00a0 farmers\u00a0 with\u00a0 significant\u00a0 contributions\u00a0 to\u00a0 […]<\/a><\/p>\n<\/div>","protected":false},"author":2,"featured_media":9508,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,2],"tags":[736,41,2000],"coauthors":[25],"class_list":{"0":"post-9835","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-latest-news","8":"category-top-news","9":"tag-fidelity-bank","10":"tag-nigeria","11":"tag-rice"},"yoast_head":"\n