Nigeria Banks to Expand into West Africa

By Eddyson Lugangwa Posted 08 November 2006 @ 10:46 am EET     Print     Reprint     E-Mail     Comments

Lagos (IBTimes.com) - Exporters from Ghana have suggested that more Nigerian banks should establish offices in West African countries to facilitate export business transactions. The Marketing Manager of Aluworks, one of the firms show-casing products at the Ghana pavilion at the Lagos International Trade Fair, Mr Adu Adjei, made the sugge-stion yesterday in Lagos.

He told the News Agency of Nigeria (NAN) that the abscence of Nigerian banks had slowed down the pace of opening of the Letters of Credits (LC).

He said most of the Nigerian banks except ECOBANK and few others had to channel their Letters of Credit (LC) through their correspondent banks in either Europe or America which delayed transactions.

He said the presence of Guarantee Trust Bank, Zen-ith Bank and Intercontinental Bank in Ghana had brought some relief to exporters.

"It would be easier for Nigerian buyers to channel their LC through the respective banks," he said.

Adjei who is coming to the Lagos fair for the second time, said his company showcased semi-processed alum-inium coil, flat sheets and aluminium disc explained that the company had 20 big time customers in Nigeria.