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N25b loan for non-oil exporters, says NEXIM

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N25b loan for non-oil exporters, says NEXIM

N25b loan for non-oil exporters, says NEXIM
July 27
05:51 2018

From the Nigerian Export-Import Bank (NEXIM), N25 billion loans are coming for non-oil exporters.

Chief Executive Officer of NEXIM bank 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.”

This decision was taken after the review of applications under the Export Development Fund (EDF) at the  Board of Directors meeting yesterday.

The managing director added 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.”

Bello explained 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.

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 a new Board in March, Minister of Finance Kemi Adeosun, charged the Board to ensure that the institution achieves its mandate of diversifying the foreign exchange earnings of the Nigerian economy.

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