Exporters urged to access N550bn facilities

The Nigerian Export-Import Bank (NEXIM) has called on export-oriented Small and Medium Entrepreneurs in the South-east and Delta States to access the N500 billion Export Stimulation Facility (ESF), and the N50 billion Export Development Fund that it is managing to boost their businesses, create more jobs and contribute to the foreign exchange revenue earnings of the country.

The Managing Director and CEO of NEXIM Bank, Mr. Abba Bello, made the call in a statement at the one-day seminar with the theme ‘Leveraging NEXIM Bank Facilities to Unleash Your Export Potential’.

The facilities were made available to NEXIM Bank last December and it will lend at a maximum of 9% interest rate. The funds were designed to redress the declining export credit to SMEs and reposition the non-oil sector to increase its contribution to the country’s revenue generation and economic development.

The improved export financing for non-oil exporters will enable them to upscale and expand their businesses and improve their competiveness.

Speaking on behalf of the Bank’s MD/ CEO, the Head of its Enugu Regional Office, Mr. Chinedu Moghalu, stated that the funds are being made available to the NEXIM Bank by the Central Bank of Nigeria at a time the bank has decentralised its operations to all the regions of the country for easier accessibility of its products and services to maximise their impact.

The representative of Enugu State governor and Special Assistant on SME Development, Anayo Agu, stated that the programme has come at the right time.