FIRSTBANK secures $150 million Afreximbank Pandemic Trade Impact Mitigation Facility (PATIMFA) to support businesses in Nigeria

13 June 2022 – African Export Import Bank (Afreximbank) has announced the disbursement
of a US$150 million finance facility to First Bank of Nigeria Limited, Nigeria’s premier and
leading financial inclusion services provider. The funding was provided under Afreximbank’s
Pandemic Trade Impact Mitigation Facility (PATIMFA).
Afreximbank’s US$150 million financial support will be accessible to FirstBank customers
that are involved in the manufacturing and importation of products and equipment required to
combat the COVID-19 pandemic, as well as initiatives to rehabilitate hospitals and
strengthen diagnostic and testing capacity. The loan will also be used for the financing of
trade debt payments falling due to avert payment defaults in trade debt obligations. In
addition, proceeds of the facility will help beneficiary businesses manage the impacts of the
Ukraine crisis.
Professor Benedict Oramah, President and Chairman of the Board of Directors of
Afreximbank, commented: “This new disbursement under PATIMFA is a further proof of the
relevance of the programme in helping African economies to recover from the crisis induced
by the COVID-19 pandemic. Since April 2020, when PATIMFA was launched, we are more
than proud to have disbursed more than US$7 billion to help Afreximbank member countries
manage the adverse impact of the financial, economic and health shocks caused by the
COVID-19 pandemic. Through First Bank, one of our trade finance intermediaries, this $150
million facility will help build the resilience of many businesses to the adverse impacts of the
pandemic, while helping them overcome the consequences of the current Ukraine crisis.”
Also expressing his delight in the partnership, Dr. Adesola Adeduntan, FirstBank’s CEO,
said: “We commend Afreximbank for this impactful financial response. It will immensely
contribute to empowering many businesses adversely impacted by the economic shocks
caused by Covid-19. The selection of FirstBank as a partner in this initiative is a testament to
their confidence in our capacity and proven track record over the years.

As a Bank that has been woven into the fabric of our society for over 128 years, we remain
committed to the success of businesses in our host communities and ensuring they are
given the needed boost to sustain their operations and further drive economic growth in the
nation.”, he concluded

About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution
mandated to finance and promote intra-and extra-African trade. Afreximbank deploys
innovative structures to deliver financing solutions that support the transformation of the
structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby
boosting economic expansion in Africa. A stalwart supporter of the African Continental Free
Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and
Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment
and settlement platform to underpin the implementation of the AfCFTA. is
working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to
support countries in effectively participating in the AfCFTA. At the end of 2021, the Bank’s
total assets and guarantees stood at about US$25 billion, and its shareholder funds
amounted to US$4 billion. Afreximbank disbursed more than US$51 billion between 2016
and 2021. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s
(Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). The Bank is headquartered
in Cairo, Egypt.
About First Bank of Nigeria Limited
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading
financial inclusion services provider in Nigeria for over 128 years.
With over 750 business locations and over 150,000 Banking Agents spread across 99% of
the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of
retail and corporate financial services to serve its over 30 million customers. The Bank has
an international presence through its subsidiaries, FBNBank (UK) Limited in London and
Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and
Senegal, as well as a Representative Office in Beijing.

The Bank has been handy at promoting digital payment in the country and has issued over
10million cards, the first bank to achieve such a milestone in the country. FirstBank’s
cashless transaction drive extends to having more than 10million people on its USSD Quick
Banking service through the nationally renowned *894# Banking code and over 4.5 million
people on FirstMobile platform.
Since its establishment in 1894, FirstBank has consistently built relationships with customers
focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk
management and leadership. Over the years, the Bank has led the financing of private
investment in infrastructure development in the Nigerian economy by playing key roles in the
Federal Government’s privatisation and commercialisation schemes. With its global reach,
FirstBank provides prospective investors wishing to explore the vast business opportunities
that are available in Nigeria, an internationally competitive world-class brand and a credible
financial partner.
FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 –
2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best
Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker
International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by
Global Finance for 15 years. Our brand purpose is always to put customers, partners and
stakeholders at the heart of our business, even as we standardise customer experience and
excellence in financial solutions across sub-Saharan Africa, in consonance with our brand
vision “To be the partner of the first choice in building your future”. Our brand promise is
always to deliver the ultimate “gold standard” of value and excellence. This commitment is
anchored on our inherent values of passion, partnership and people, to position You First in
every respect.

About the author

Abiodun Adisa is the CEO of Applaud Multimedia Services Publisher of Applaud News Magazine and Online

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