First Bank Plc and Lafarge Africa have expressed their commitment to continue supporting their cement distributor customers in the SouthWest region of Nigeria. At a meeting called the “Key Distributors’ Forum” in Abeokuta, Ogun State, both entities discussed financial solutions, including a short-term credit facility called Temporary Over Draft, to bolster the working capital of distributors. The aim of the forum is to help distributors sustain their businesses and ensure the availability of cement in the Nigerian building industry.
Key Points:
- First Bank and Lafarge Africa have affirmed their dedication to assisting cement distributors in the SouthWest region of Nigeria to overcome challenges and thrive in their businesses.
- Financial solutions provided by First Bank include a short-term credit facility known as Temporary Over Draft, designed to augment the working capital of cement distributors.
- The forum, named the “Key Distributors’ Forum,” aimed to bring distributors together to engage and discuss challenges faced in the industry, ultimately facilitating better business decisions.
- The event was attended by major cement distributors from the six states of the SouthWest region.
- Augustine Sobola, Customer Relations Manager at Lafarge Africa, reassured distributors of the company’s ongoing support to help them sustain and grow their businesses.
Analysis: This commitment from First Bank and Lafarge Africa to support cement distributors is a positive step in ensuring the resilience and stability of businesses in the SouthWest region, particularly in the face of various challenges. The provision of a short-term credit facility demonstrates a practical approach to addressing immediate working capital needs. Additionally, forums like the “Key Distributors’ Forum” serve as valuable platforms for industry stakeholders to collaborate, share insights, and collectively navigate challenges. The continued support from Lafarge Africa not only underscores its commitment to its distribution network but also highlights the interdependence of various players in the construction industry.
