NEXIM Bank Disburses N24bn to Non-oil Exporters

- James Emejo

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.

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