NEXIM prepares MSMEs for AfCTFA
WITH the signing of the African Continental Free Trade Agreement (AfCFTA) by Nigeria, the Nigerian Export-Import Bank (NEXIM) has come up with five initiatives to create more opportunities for Micro Small and Medium Enterprises (MSMEs)
According to NEXIM’s statement yesterday, these initiatives will double the bank’s steps towards deepening regional trade, through which it seeks to create more opportunities for MSMEs and integrate the informal traders into the formal sector.
The bank said it has since recognised that “more of Nigeria’s manufactured products are traded in the regional market, as a result, the Nigerian Export-Import Bank, few years ago, launched the ECOWAS Trade Support Facility (ETSF) to boost SMEs access to funds, increase formal trade and improve the payment system”.
“Arising from our participation at the MSME Clinics and the deeper insights into the operations of small businesses, the bank has developed a number of initiatives towards promoting the sector and enhancing its contribution to export trade,” the statement explained.