NEXIM Bank launches agro-export fund

The Nigerian ExportImport Bank has launched the Women and Youth Export Development Fund (WAYEF) to increase their participation in the global agro-export market.

The bank also in partnership with Afreximbank would mobilise $50 million for Project Preparation Fund for Nigeria to provide technical assistance to bankable SMEs including those promoted by women and youth.

The Managing Director/Chief Executive Officer, NEXIM Bank, Abubakar Abba Bello at the event in Abuja yesterday, said the launch of the facility was in “Commemoration of the 2021 Women’s Day,” which begins March 8 and is celebrated throughout the month.

“The bank has provided enormous support for many export-oriented industries that are high employers of women and youth such as cashew, Shea, hibiscus, ginger etc where a lot of women are involved in cleaning and packaging of the products for export.”

Mr Bello said the Women and Youth Export Development Fund (WAYEF) would provide more financial support for women and youth-owned businesses operating in the various aspects of the export value chain under a more dedicated and focused arrangement.

In her remarks, the Minister of Women Affairs, Dame Pauline Tallen at the event thanked the management of the NEXIM Bank for putting together such a facility for the women and youth to benefit.

She said poverty was the deadly disease afflicting women and youth in the country most particularly those in the rural areas.

The minister called on all the female executives in financial institutions and other well-meaning Nigerians to emulate the gesture by the NEXIM Bank to come up with facilities that will empower women and youth who are the most vulnerable segment of the society, to expand their entrepreneurial skills and businesses.