Greenwich Merchant Bank Aligns With CBN’s Non-oil FX Policy, Infrastructural Development

Greenwich Merchant Bank Limited, one of Nigeria’s foremost providers of bespoke and comprehensive financial solutions, fully aligns with the Federal Government’s economic diversification and infrastructure development effort, Bayo Rotimi, managing director, disclosed on Thursday.

He reiterated that the bank aligns with the Central Bank of Nigeria (CBN)’s non-oil Foreign Exchange (FX) policy, “RT200 FX Programme” which stands for “Race to $200 billion in FX repatriation.

Speaking with financial journalists in Lagos, he emphasized the Bank’s support to participants in the import substitution space through its bespoke financial solutions. Beneficiaries of such financial and advisory support are companies that operate in the agriculture, agro-allied, manufacturing sectors, among others.

“Some of the credit facilities that we give our clients support their funding import substitution-focused projects. Beyond import substitution, as a bank, we have developed a framework for supporting export-oriented businesses. Nigeria must urgently diversify its source of FX income away from crude oil which is currently delivering about 80 percent of our FX inflows.” Rotimi said.

In response to the question about the CBN’s effort to launch the International Finance Center (IFC), Rotimi said, “We are fully aligned with CBN’s aspirations around infrastructure development, as we have been supporting private and public sector infrastructure providers for close to 30 years now. We will continue to work with the CBN and other critical stakeholders in the provision of long-term funding to drive infrastructural development.”

In its bid to provide holistic financial services to its diverse clientele, Greenwich transitioned from a pure-play Investment Banking firm to a Merchant bank duly licensed by the Central Bank of Nigeria on the 2nd of October 2020.

“Given the inadequacy of consistent, long term and sustainable financing in Nigeria, it is imperative for a Merchant Bank to provide customized financing solutions for infrastructural projects, business expansion, and diversification. This is our core area of focus as Greenwich Merchant Bank.”

” Greenwich Merchant Bank is a leading advisor to Governments at both Federal and State levels, as well as local and multinational corporations. We provide them with project and structured finance, as well as financial advisory services. We are also focused on supporting more Agro-allied industries and Agric-businesses that will feed local manufacturers and reduce the import of raw materials and other processing components. In all, we believe that every sector will benefit from our merchant banking solutions.” Rotimi concluded.