NEXIM Bank to Revamp Ailing Industries to Boost Non-oil Export Sector

By January 9, 2019 Investment News

In keeping with its mandate as Nigeria’s Export Credit Agency, the Nigerian Export-Import Bank (NEXIM) in synergy with the Central Bank of Nigeria (CBN) and other financial institutions has stated that it will implement two intervention schemes to revamp ailing industries and enhance their contributions to non-oil exports in the country.

The intervention schemes, according to the bank, are in two categories predicated on its broad philosophy of Produce, Add Value and Export (PAVE) policy in line with the diversification strategy of federal government as enunciated in the Economic Recovery and Growth Plan (ERGP).

Speaking in Katsina during its two-day exporters’ enlightenment Forum yesterday, the Managing Director of the bank, Abba Bello, said the bank’s objective is to support export-oriented projects in all parts of the country.

He reaffirmed that besides revenue volatility, the oil sector is incapable of supporting inclusive economic growth that would provide jobs and economic opportunities for the country’s teeming population, hence the initiative.

According to him, “Our plan is to assist indigenous producers to optimise their capacity and also move up the value chain to produce finished products. We have observed that North West is quite rich in agricultural and mineral resources, and therefore has the capacity to benefit significantly from the programme.

“A portion of the Export Development Fund has also been set aside to support industries that are major employers of women and youths under a special economic empowerment scheme for the vulnerable groups.

Also speaking, the Katsina State Governor, Aminu Bello Masari, represented by the state Commissioner for Commerce and Industries, Abubakar Yusuf, said the government has established an investment promotion agency to collaborate with NEXIM to enhance exportation of commodities from the state.

Source: Dailytrust