Nigeria: NEXIM Bank to Enhance Export of Non-oil Commodities

By InstinctBusiness Nov 23, 20230

Nigerian Export-Import Bank (NEXIM) has partnered with Kwara State Government through a Memorandum of Understanding (MOU), aligning with the federal government’s goal of job creation and economic growth via the non-oil export sector.

Through the State Export Development Programme, NEXIM’s collaboration with state governments, including Kwara, aims to scale up production and enhance the export of a diverse range of agricultural and mineral commodities in the state.

The MoU was signed by the Executive Governor of Kwara State, Alhaji Abdulrahman AbdulRazaq, for the state, while Managing Director/Chief Executive of NEXIM Bank, Abba Bello signed on behalf of the bank, during the recent 2023 Intra-African Trade Fair in Egypt.

The agreement followed discussions between both parties on ongoing and potential economic projects of the state government. These projects include the industrial park, the IsDB-backed agro processing zone, the sugar processing factory, garment and Shea butter factories, solid mineral projects, and the unique Visual Arts Center in the West Africa sub-region.

In a statement, Head, Strategy and Corporate Communications NEXIM Bank, Mr. Tayo Omidiji, said partnership will qualify agencies of entrepreneurs and exporters in Kwara to access the State Export Development Funds and other facilities upon fulfilment of relevant terms and conditions as may be agreed with the bank.

It further entails the provision of financial and export advisory services which will include but not limited to working out financing arrangements, investment mix as well as facilitating export market off-take, especially for SMEs and businesses operating in the export value chain that support women and youth empowerment.

AbdulRazaq highlighted that the state has invested in various projects and implemented policy initiatives aimed at diversifying his dedication to amplifying the initiatives of his administration aimed at unlocking the economic potentials of the state.

Bello emphasized that the bank’s objective is to foster the promotion of at least one exportable commodity in every state of the federation, aligning with the federal government’s drive for economic diversification.