First Bank of Nigeria has reiterated its commitment to the development of Nigeria’s raw materials sector, emphasizing the need to support local sourcing and strengthen the country’s industrial supply chains.
This assurance was given during a recent engagement with stakeholders in the manufacturing and agricultural value chains, where the bank outlined its plans to finance initiatives that promote the processing and utilization of indigenous raw materials.
A senior executive of the bank stated that First Bank sees the development of raw materials not just as a national economic necessity but as a strategic investment focus that aligns with Nigeria’s broader industrialization goals.
“We are committed to partnering with both the public and private sectors to build sustainable value chains for locally sourced raw materials,” the executive said.
He added that the bank would continue to provide innovative financing models for manufacturers, agro-processors, and small-scale raw materials suppliers who often struggle to access credit.
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The bank’s renewed focus aligns with federal efforts to reduce dependence on imported raw materials and boost local content in Nigeria’s production processes.
According to the executive, First Bank aims to contribute to job creation, foreign exchange savings, and increased GDP growth through its strategic support for raw materials development.
He called on stakeholders to harness local capacities and leverage technological advancements to improve production efficiency and quality.
First Bank, one of Nigeria’s oldest and most influential financial institutions, has in recent years diversified its portfolio to include greater support for SMEs, agro-processing, and manufacturing hubs.
The bank reaffirmed that it would continue to play a leading role in Nigeria’s economic transformation through targeted investment in critical sectors such as agriculture, mining, and manufacturing.
NAN
