News Column

NEXIM Earns U.S.$1.3 Billion Forex, As Exporters Get N92.5 Billion

June 27, 2014

Phillip Oladunjoye



The Nigerian Export Import Bank (NEXIM) said it had disbursed about N92.5 billion as loans to exporters since its inception in 1991 and had generated about $1.3 billion in foreign exchange earnings for the country during the period.

Managing Director of the bank, Roberts Orya, stated this in Sokoto at the opening of a two-day Exporter Enlightenment Forum organised by the bank's entrepreneurs in the North-West zone. The theme of the forum is "Promoting Socio-Economic Stability through the Development of Non-Oil Export Sector."

Orya, who was represented by NEXIM's Executive Director, Corporate Services, Bashir Wali, said Nigeria's overdependence on crude had remained a limiting factor to its development and had also exposed the country to the vagaries of the external markets.

He noted that the Federal Government had launched the Economic Transformation Agenda, aimed at diversifying the economy and promoting value-added exports, in order to change the trend.

"NEXIM has a major role to play in contributing towards achieving key objectives of the transformation agenda by promoting the diversification of the Nigerian economy.

"This will be done through the provision of finance, risk bearing and policy support to the non-oil export sector," Orya said, explaining that the forum was orgainsed to highlight the huge potentials of the North-West region, which when harnessed could contribute to national development.

Sokoto State governor, Alhaji Aliyu Wamakko, said the current management of NEXIM had made significant contributions toward the diversification of the economy through credit intervention to exporters, noting that the bank had made some interventions in the areas of manufacturing, agriculture, solid minerals and provision of services.

Wamakko, who was represented by Secretary to the State Government, Alhaji Sahabi Gada, described the forum as timely, adding that the forum underscored the need for various tiers of government to fully harness the resources in their domain for the development of the country.


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Source: AllAfrica


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