The Nigerian Export-Import Bank (NEXIM) has approved the disbursement of loans totaling about N25billion in support of various projects in the non-oil export sector.
This is coming after the review of applications under the Export Development Fund (EDF) at the meeting of the Board of Directors which held o Thursday.Managing Director and Chief Executive Officer of NEXIM bank Mr. Abba Bello said beneficiaries of the loan include “exporters of agricultural and value-added products, who submitted applications for stocking facilities and working capital to enable them execute their export contracts.”
He stated that “these projects, which are distributed across the country with nation-wide impact, cut across various sectors/industries including Cocoa, Cashew, Sesame Seed, Gum Arabic and Leather products.”
Abba Bello added that the loan “disbursements will commence immediately to maximize the benefits of the export season towards achieving the economic diversification objectives of the administration of President Muhammadu Buhari under the Economic Recovery & Growth Plan (ERGP).”
The total amount approved is expected to support about 15,000 direct and indirect jobs and facilitate foreign exchange inflow of about $100million from non-oil exports.
It would be recalled that earlier in the year, the CBN established the N50 billion Export Development Fund, to be disbursed at single digit, which is currently being managed by NEXIM.
Following the inauguration of the new Board in March, 2018, the Minister of Finance charged the Board to hit the ground running to ensure that the institution achieves its mandate of diversifying the foreign exchange earnings of the Nigerian economy.