Sterling Bank backs equinorth capital’s export growth drive as firm scales cashew, soybean and hibiscus trade

Agro-commodity trading firm Equinorth Capital Limited has lauded Sterling Bank for playing a pivotal role in its growth since the company started operations in 2020. This backing has bolstered Equinorth's market presence and propelled it towards leadership in Nigeria's non-oil export sector, especially when other lenders are reticent about nurturing new market entrants. The firm specializes in cashew nuts, soybeans, hibiscus, and sesame seeds, exporting over 2,000 metric tonnes of cashew nuts alone since its inception.

Equinorth coordinates its produce through local buying agents and dispatches it to distant markets via its three primary warehouses in Kano, Niger State, and Lagos. Speaking on the company's expansion, Equinorth Capital's Chief Operating Officer, Feyisayo Ariyo, highlighted Sterling Bank's support extending beyond traditional lending to include capacity-building for exporters.

Ariyo emphasized the insightful and informative sessions hosted by the bank, which have significantly positioned Equinorth as a key player in this domain.

Trade Finance team leader, Aghaunor Goddey Chuks, echoed the bank's substantial assistance, highlighting the team's deep market knowledge and customized financial structures for exporters. Equinorth's achievements come at a time when Nigerian deposit money banks are increasingly courting non-oil exporters as the nation seeks to diversify its foreign exchange earnings beyond crude oil.

Cashew and sesame seeds are among Nigeria's leading non-oil export commodities, with West Africa being a primary global source of raw cashew nuts.

Sterling Bank has emerged as one of the most visible lenders in this space, running exporter engagement initiatives to assist small and mid-sized trading companies with financing, documentation, and market access. These efforts have directly shaped Equinorth's growth trajectory. With its export base now established across three commodity lines, Equinorth aims to evolve into a broader conglomerate, diversifying into other sectors in the years ahead.

The company also plans to expand its trading operations into Dubai and Singapore to deepen access to international offtake markets and strengthen its cross-border trading position. Its existing warehousing infrastructure in Kano, Niger State, and Lagos, strategically located near key production and aggregation zones for cashew and soybeans, supports these ongoing operations and is expected to facilitate future expansion.