NEXIM Bank Disburses N24bn to Non-oil Exporters

The Nigerian Export Import Bank (NEXIM) said it has disbursed about N24 billion as well as approved applications worth N55 billion to nonexporters, many of whom are Small and Medium Enterprises (SMEs) in the past one year.

It also said with the signing of the African Continental Free Trade Agreement (AfCFTA) by Nigeria, the Bank has strengthened measures towards deepening regional trade, through which it seeks to create more opportunities for MSMEs and integrate the informal traders into the formal sector.

Head, Corporate Communications, NEXIM, Mr. Tayo Omodiji, in a statement made available to THISDAY, said: “Having recognised that more of Nigeria’s manufactured products are traded in the regional market, the Nigerian Export-Import Bank, few years ago, launched the ECOWAS Trade Support Facility (ETSF) to boost SMEs access to funds, increase formal trade and improve the payment system.

“The Bank also spearheaded the decision to establish the sealink project to improve transport and logistics support for regional trade.

“As a strategic objective, the Bank seeks to grow its intervention in the regional market to about 60 per cent of its loan portfolio in furtherance of the Nigerian Industrial Revolution Master Plan (NIRP), which seeks to make Nigeria the production hub of light manufacturers in the region.”

He noted that the Bank had also participated at the second edition of the National MSME Award in which it is one of the key partners to further facilitate interventions to small businesses.

The National MSME Award is an offshoot of the Nationwide MSME Clinic, which was launched in 2017 by the office of the Vice President and conceived as a platform to bring together all relevant Federal Ministries, Department and Agencies (MDAs) to address the problems of SMEs, thereby enhancing their contribution to national development.