Sunday, July 21, 2024
25.2 C
Lagos

NEXIM, CBN Unveil N550bn Non-Oil Export Growth Schemes

L – R: Mr Bashir M. Wali, Acting MD/CEO, NEXIM Bank; Mr. George Enyiekpon, Director, Export Development and Incentives, NEPC; Mrs Udoo Fateh, CBN; Mr. Musi A. Braimoh, MAN Export Group.
L – R: Mr Bashir M. Wali, Acting MD/CEO, NEXIM Bank; Mr. George Enyiekpon, Director, Export Development and Incentives, NEPC; Mrs Udoo Fateh, CBN; Mr. Musi A. Braimoh, MAN Export Group.

The Nigerian Export-Import Bank [NEXIM] and Central Bank of Nigeria [CBN] have jointly unveiled N550bn non-oil export stimulation schemes to reposition the non-oil export sector in Nigeria.

The schemes are the N500 billion Export Stimulation Facility & N50 billion enhancement on the Rediscounting & Refinancing Facility.

Mr. Bashir Wali, Acting Managing Director/CEO, Nigerian Export-Import Bank [NEXIM] said at a stakeholders’ engagement session on the schemes in Lagos that the objective is to improve export financing in the country, fast-track sustainable economic growth and development, create jobs in the economy and more importantly, support the diversification policy of the Federal Government.

“Over the past few months, the Nigerian Export-Import Bank has been working with the Central Bank of Nigeria to review existing policies and strategies towards increasing funding support and stimulating additional investments in the non-oil export sector. During the course of this review, we have also met with various stakeholders, including Exporters, Commodity Associations, Bankers, the Organised Private Sector and other relevant government agencies to obtain strategic inputs and share perspectives towards achieving our common objective of diversifying the Nigerian economy as well as improving and broadening the contribution of the non-oil export sector to our national development.”

Wali said with the release of the guidelines and commencement of the schemes, Nigerian exporters and export-oriented businesses will now seize the opportunity to expand and upscale their operations towards boosting the current low contribution of non-oil exports, which has remained at about 5% over the years.”

“Let me also add that besides the issues of availability and access to funds, we have also intensified our collaborations and engagements with relevant institutions and stakeholders towards addressing other challenges affecting the export sector such as the problems of infrastructure, issues of packaging and labelling as well as improving access to market.”

The NEXIM CEO said the main purpose of the stakeholders’ session is to create a forum for discussion of the implementation modalities, the role of all participants and the expected outcomes from the successful implementation of these schemes.

“I therefore wish to solicit your active participation and contributions as we present a further breakdown of the operating guidelines.”

He commended the management of CBN for providing the developmental funding schemes and for timely release of the operating guidelines.

spot_img

Hot this week

Stanbic IBTC Bank Partners Lagos State on Water, Sanitation Infrastructure Funding Summit

Stanbic IBTC Bank, one of Nigeria’s leading financial institutions,...

Stanbic IBTC Launches Ambitious Tree-Planting Campaign in Cross Rivers State

Stanbic IBTC Holdings, in collaboration with One Tree Planted...

PalmPay Named Among Top 250 Fintech Companies in the World by CNBC, Statista

PalmPay, a leading Africa-focused fintech platform, has been included...

AIICO’s Annuity Customers Attest to Financial Stability, Payout Hits N1.3bn Monthly 

AIICO Insurance Plc, a leading insurer in Nigeria, today...

WORLD PR DAY: APRA Advocates Ethical, Responsible Use of AI

The African Public Relations Association (APRA) has called on...

Topics

BREAKING NEWS! MTN CEO Resigns over N1.04tr NCC Fine

Mr. Sifiso Dabengwa, the Chief Executive Officer of MTN Group has resigned with immediate effect over the N1.04 trillion ($5.2bn) fine imposed on MTNN Nigeria by the Nigerian Communications Commission (NCC) for failing to deactivate unregistered SIM cards. The resignation of Dabengwa was announced by the company early Monday.

Unilever Nigeria Plc: Keeping Shareholders Smiling with N5.29bn Dividend

Following 2011’s impressive business results, Unilever Nigeria Plc’s shareholders...

Ecobank, Orange Launch Bank-to-Wallet Money Transfer Platform

This partnership, which is already operational in Mali since...

NITDA Warns of Potential Cyber Attacks in 2018

The management of the National Information Technology Development Agency...

UN Commends Sterling One Foundation on Africa Social Impact Summit 

L-R: United Nations Resident Coordinator, Dr. Matthias Schmale; Vice...

Orange Buys Two Networks in Africa from Bharti Airtel

Orange and Bharti Airtel have signed an agreement leading...

Heirs Insurance Group Donates Solar Power Station to Lagos Passport Office

From L-R: Wole Fayemi, MD/CEO, Heirs General Insurance, Mrs....

Heirs Energies Celebrates Third Anniversary

Significant Milestones in Production Growth, Transformational Community Engagement,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img