The NEXIM Bank says it has disbursed about N22bn to exporters of agricultural commodities in the country thereby facilitating the creation and sustenance of about 2,039 direct jobs in the last one year.
This is in addition to creation of many indirect jobs, and about $267million foreign exchange being earned by the bank annually, a statement from NEXIM Bank said yesterday.
“Over the last one year, NEXIM Bank has disbursed about N22bn, thereby facilitating the creation/sustenance of about 2,039 direct jobs, in addition to many indirect jobs and foreign exchange earnings of about US$267million annually.
“The beneficiaries included exporters of agricultural commodities and value-added products distributed across the country with nation-wide impact, cutting across various sectors/industries, including cocoa, cashew, sesame seed, gum Arabic and leather products’’, the statement said.
It said aside its funding intervention; the Bank has also recorded a quantum leap in its financial indices, with a profit of about N2.09bn recorded in 2018, from a loss position in 2017.
The balance sheet size also doubled from about N61bn in 2016 to about N117bn in 2018 and is projected to increase to N190bn by December, 2019, it said.
It would be recalled that following the appointment of a new management in April, 2017, led by Abba Bello, and inauguration of the Board in March, 2018, under the chairmanship of CBN Deputy Governor, Joseph Nnanna, NEXIM Bank has taken significant steps to retool its operations.
Besides collaborating with the Central Bank of Nigeria in the management of intervention funds to the tune of N550bn, its export support programme is predicated on the PAVE philosophy, that is, Produce, Add Value and Export.
NEXIM’s effort to develop the non-oil export sector is currently structured along six initiatives, which include support for critical agricultural commodities, particularly in products where the country has high comparative advantage.
This is to minimise informal trade and boost the country’s export footprint. The Bank is also supporting services export in the areas of the creative economy, business process outsourcing, professional services as well as medical tourism towards saving about US$1bn lost annually to foreign trips by Nigerians.
As part of efforts to improve the packaging and quality standards of Nigeria’s exports, the Bank is also providing funding/investment guarantees to facilitate private sector investments and partnerships in internationally acceptable laboratories and assaying facilities/related infrastructure.
This is in addition to providing funding support towards establishing of conditioning, irradiation and sterilisation facilities to enhance shelf life of perishable goods, as well as production of jute bags, corrugated cartons and flexible packaging materials.
Given Nigeria’s huge solid minerals potentials and the logistics challenges that have prevented the realisation of such benefits, the Bank is supporting the promotion of inland waterways operations and bulk export terminal upgrade though its Sealink project. This is expected to facilitate annual shipment of over 30million tonnes of Solid Minerals valued at US$1.8bn.
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