First City Monument Bank (FCMB) has announced that it has secured a $15m trade financing facility from the International Islamic Trade Finance Corporation.
In a statement on Wednesday, the bank said that the facility was a Master Murabaha Agreement with ITFC, a member of the Islamic Development Bank Group.
According to Fitch, the size of the Nigerian Islamic finance industry is estimated at $2.9bn at the end of 2022, with outstanding sukuk being the largest segment at 57 per cent, followed by Islamic banks at 42 per cent (total assets), and the remaining one per cent between Islamic funds (total assets) and takaful (total contributions).
The bank said the agreement would strengthen its support of Nigeria’s trade finance sector.
“This agreement affirms FCMB’s commitment to driving sustainable economic growth in Nigeria. By investing in critical sectors like agribusiness and renewable energy, we’re not just strengthening our position, we’re contributing to a more robust and resilient Nigerian economy that can confidently engage globally,” said Managing Director of FCMB, Yemisi Edun.
FCMB’s Divisional Head of Treasury and International Banking, Gerald Ikem, emphasised the partnership’s significance: “This collaboration with ITFC signifies more than just international recognition of FCMB and Nigeria’s economic potential. It equips us with the resources needed to drive growth in vital sectors such as agriculture, manufacturing, and renewable energy.
“It reinforces our dedication to fostering sustainable and inclusive economic progress throughout the country.”
