NEXIM Bank to disburse N25bn for non-oil export
As part of efforts aimed at stimulating the non-oil sector in the country, the Nigerian Export-Import, NEXIM- Bank, has received approval for a N25billion credit facility for exporters in the non-oil sector.
The loan, NEXIM Bank says will be disbursed to exporters of agricultural and value-added products like cocoa, cashew, sesame seed among other farm produce.
Confirming the development recently in Abuja, the Managing Director, of the bank, Mr. Abba Bello, said the development government hopes, will stimulating the non-oil sector to become a major foreign exchange earner for the country.
Bello said the approval of the N25billion facility followed a review of various applications under the Export Development Fund. The review was done at a meeting of the Board of Directors held last week in Abuja.
The disbursement of the N25bn loan to the non-oil exporters is expected to support about 15,000 direct and indirect jobs, and facilitate foreign exchange inflow of about $100million from non-oil exports.
According to the NEXIM bank boss, “The Nigerian Export-Import Bank has approved the disbursement of loans totalling about N25bn in support of various projects in the non-oil export sector.
“Beneficiaries included exporters of agricultural and value-added products, who submitted applications for stocking facilities and working capital to enable them to execute their export contracts.”
He said that the facility would be disbursed to exporters of agricultural and value-added products, who submitted applications for working capital to enable them execute their export contracts.
The projects, he noted, were distributed across the country and would have a significant impact on the economy particularly in the area of job creation and poverty reduction.
He said the disbursement will commence immediately to “maximize the benefits of the export season towards achieving the economic diversification objectives of the administration of President Muhammadu Buhari under the Economic Recovery and Growth Plan.”
Some of the products that would benefit from the loan are cocoa, cashew, sesame seed, gum Arabic and leather.
The Central Bank of Nigeria established the N50billion Export Development Fund to be disbursed at single digit, which is currently being managed by NEXIM.
Following the inauguration of the new board in March, the Minister of Finance had charged the members to hit the ground running to ensure that the institution achieved its mandate of diversifying the foreign exchange earnings of the Nigerian economy.