NEXIM records growth, disburses N22bn

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The Nigerian Export-Import Bank (NEXIM Bank) said it disbursed about N22 billion to exporters in the non-oil sector in 2018.

Miss Lohya Mamven, Assistant Manager, Corporate Communications of NEXIM Bank said this in a statement on Friday in Abuja.

Mamven said through its intervention, the bank facilitated the creation and sustenance of about 2,039 direct jobs, in addition to many indirect jobs and foreign exchange earnings of about 267 million dollars annually.

She said the beneficiaries included exporters of agricultural commodities and value-added products distributed across the country with nation-wide impact, cutting across various sectors, including cocoa, cashew, sesame seed, gum Arabic and leather products.

She said the bank recorded a quantum leap in its financial indices, with a profit of about N2.09 billion in 2018, from a loss position in 2017.

Mamven said the balance sheet size also doubled from about N61billion in 2016 to about N117 billion in 2018 and was projected to increase to N190 billion by December, 2019.

She said the bank had taken significant steps to retool its operations following the appointment of Abba Bello and inauguration of the Board under the chairmanship of CBN Deputy Governor, Joseph Nnanna.

She said the bank was collaborating with the Central Bank of Nigeria in the management of intervention funds to the tune of N550 billion.

“NEXIM’s export support programme is predicated on the PAVE philosophy, that is, Produce, Add Value and Export.

“It’s efforts to develop the non-oil export sector is currently structured along six initiatives of support for critical agricultural commodities, particularly in products where the country has high comparative advantage.

“ This is to minimise informal trade and boost the country’s export footprint.

“ NEXIM is supporting services export in the areas of creative economy, business process outsourcing, professional services as well as medical tourism towards saving about one billion dollars lost annually to foreign trips by Nigerians.

“As part of efforts to improve the packaging and quality standards of Nigeria’s exports, NEXIM is also providing guarantees to facilitate private sector investments and partnerships in internationally acceptable laboratories and related infrastructure.

“ This is in addition to providing funding support towards establishing facilities to enhance shelf life of perishable goods, as well as production of jute bags, corrugated cartons and flexible packaging materials,’’ she said.

Mamven reiterated that the bank was supporting the promotion of inland waterways operations and bulk export terminal upgrade through its Sealink project.

This, she said was expected to facilitate annual shipment of over 30 million tonnes of Solid Minerals valued at 1.8billion dollars.

She said the bank was partnering with stakeholders under the auspices of FSS 2020 to develop the regulatory and legal framework for Factoring business in Nigeria to enhance financial inclusion.

She said: “NEXIM’s intervention is also targeted at state/regional development through its one-state-one export commodity programme.

“ In implementing this programme, the Bank is collaborating with the Nigerian Incentive Risk Based System for Agricultural Lending (NIRSAL) to deploy interest rebate and risk mitigating instruments in support of projects in the agricultural value chains.’’