The Managing Director of Nigeria Export Import Bank, Abba Bello, has said that the bank will administer the recently secured N5bn Export Development Fund at nine per cent interest rate.
He said this was part of the strategy to grow the economy, and encourage new entrants into export and import trade.
According to him, the rate aims to boost trade toward addressing the declining export credit to Small and Medium Entrepreneurs, while repositioning the non-oil sector to increase its contribution to the country’s revenue generation and economic development.
He, however, called on export-oriented Small and Medium Entrepreneurs in the South East and Delta states to access the N500 billion Export Stimulation Facility, and the N50 billion Export Development Fund domiciled with it, to boost their businesses, create more jobs and contribute to the country’s foreign exchange revenue receipts.
Bello, who spoke to our correspondent on the sidelines of an investment workshop in Abuja over the weekend, said the scheme was specifically developed to support SMEs and boost their exports.
He noted that the two facilities were made available to NEXIM Bank in December 2017, adding that the bank would lend at a maximum of nine per cent interest rate.
“The improved export financing for non-oil exporters will enable them to upscale and expand their businesses and improve their competitiveness.
“NEXIM Bank is determined to ensure these funds achieve the desired impact of triggering non-oil export development, growth and economic progress, in line with its mandate as the Trade Policy Bank of the Federal Government,” he said.
He noted that the Bank would use the applicable guidelines of the Central Bank of Nigeria for the implementation of the facilities.
