Nigeria: NEXIM Bank pledges support for export growth

Nigerian Export-Import Bank (NEXIM) has reiterated its resolve to support the country’s exports.

The Managing Director of Nexim Bank, Abubakar Bello, stated during his keynote address titled “Easy Access to Export Finance,” during the launch of the Nigerian Exporters’ Hub in Lagos, recently.

He underscored Neximbank’s unwavering commitment to empowering businesses of varying sizes to participate in the export sector.

“We are particularly enthusiastic about doing business with individuals, nano and small businesses,” he remarked.

Bello said that Nexim Bank was prepared to provide access to funding to individuals or businesses without any discrimination.

“Accessing finance is easy as long as the individual or business is serious. We are encouraging exports, and everybody seated here can start generating foreign exchange for themselves,” he remarked.

He explained that the Nigerian Exporters’ Hub would help reduce the risks that typically hold back ordinary exporters, making it easier for them to get funding.

“We are a bank concerned with development, not necessarily profitability. We are ready to provide access to funding, and there is no discrimination.

“Banks look at where there are minimal risks, and some of those risks have already been mitigated by the Hub,” he stated.

The push for non-oil exports aligns with Nigeria’s well-defined economic objectives of diversifying away from its dependence on oil.

According to Bello, by supporting new entrants into the export sector, particularly small and medium-sized enterprises, Neximbank hopes to spur economic growth in new and vibrant sectors.

The Special Adviser on Export Expansion to Nigeria’s President, Aliyu Sheriff, said there was a need to prioritise domestic production value for locally manufactured goods.

According to him, Nigeria must ensure that products made in Nigeria are recognised for their quality and competitiveness on the international stage.

“This shift is essential for the stabilisation and future prosperity of our economy. However, successful export strategies require a supportive business environment and both structures, which is one of the reasons that Nigerian exporters will be very crucial,” he remarked.

Aiming to close the trade gap between Nigeria and Far Eastern nations like China, the Chairman of the Nigerian Exporters Hub, Victor Ayemere, noted the imperative to significantly increase the number of Nigerian exporters.

He noted that the hub would achieve that through structured awareness campaigns, training programmes, mentorship, and guaranteed purchase agreements.

Ayemere further explained that the new Lagos office would deepen the hub’s goal of empowering more Nigerians to become exporters by facilitating membership.

source: punchng.com