NEXIM provides N50bn funding in 6 years — acting MD

The Nigerian Export-Import Bank (NEXIM), has provided funding totalling N50 billion to businesses and new economic projects in the country between August 2009 and December 2015. The bank’s Acting Managing Director, Mr Bashir Wali, made the disclosure on Thursday in Abuja when he paid a courtesy visit to Hajia Aisha Abubakar, the Minister of State for Industry, Trade and Investment.

Wali said that the figure comprised N46.23 billion in direct disbursement and 27.3 million U.S. dollars as guarantees for loans granted by commercial banks and other financial institutions. He said that the major beneficiaries of these disbursements were Small and Medium Enterprises (SMEs), while some were finances for Greenfield projects (new economic projects).

“Through those interventions, about 28, 394 direct jobs were created or sustained. The bank has also facilitated estimated foreign exchange earnings of about 387 million U.S. dollars. The intervention, broken down within this period, has about 38 per cent to the manufacturing sector, nine per cent to the solid mineral sector, 29 per cent to the services sector,” he said.

The acting MD told the minister that NEXIM had been designated to manage the N500 billion export stimulation fund recently announced by the Central Bank of Nigeria (CBN). He explained that the facility would be disbursed through commercial banks and other development finance institutions. He added that the guidelines for the administration of the fund were being reviewed by the CBN and would soon be made public for implementation.

Wali, who said the visit was aimed at briefing the minister on the activities of NEXIM, outlined some export and trade facilitation initiatives of the bank geared towards economic diversification. They include a 200 million U.S. dollar facility for SME export-oriented financing and the NEXIM Sea Link Initiative, aimed at attracting private sector investment in the establishment of a sub-regional shipping company.

He said that the company would be dedicated to trade promotion and movement of people and goods within the West and Central African region.

Wali later presented a written brief of the export and trade facilitation programmes developed by the bank to the minister, and solicited the support of the ministry to ensure their success. Responding, the minister said that the initiatives were timely especially now that the Federal Government was focusing on economic diversification and job creation through entrepreneurship. While assuring the NEXIM MD that his request as stated in the brief would be looked into, Abubakar said that a team would be raised within the next two weeks to work with the bank’s group.

NAN