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.