Nigeria Export-Import Bank is implementing N500 billion Non-oil Export Stimulation Facility and N100 billion Export Development Fund at single digit interest rate to support the production and export of goods and services.
Managing Director and Chief Executive Officer of the NEXIM Bank, Abba Bello, disclosed this in Kaduna at the weekend during the bank’s special day at the 42nd Kaduna International Trade Fair.
Bello said the facility, which was being implemented in collaboration with the Central Bank of Nigeria is aimed at diversifying the economy from crude oil, which currently accounts for less than 10 per cent of Nigeria’s Gross Domestics Product.
He lamented Nigeria’s posture of a mono-product economy despite the Federal Government’s diversification efforts.
The NEXIM MD also disclosed that the bank was partnering with Afreximbank to establish a Project Preparation Fund through which both institutions have agreed to raise an initial amount of $50 million to support the pre-investment phase in a project preparation circle.
Bello expressed the belief that the fund would address the dearth of bankable projects and increase the flow of funds to SMEs in the country.
“We have recently launched the Women and Youth Export Facility, which comes with special features to assist women and youth in the export value chain to become entrepreneurs and expand their businesses.
“WAYEF is also part of NEXIM’s affirmative action and has been designed in furtherance of the social and economic inclusion programme of the administration of President Muhammadu Buhari,” he said.
The Minister of Finance, Budget and National Planning, Dr Zainab Shamsuna Ahmed, who joined the event virtually to deliver her keynote address said the Federal Government has constantly developed and reviewed policies to facilitate export trade and remove bottlenecks.