Nigerian Export-Import Bank said it has concluded all arrangements to disburse over N25billion to exporters of agricultural and value-added products.
This is following a review of applications under the Export Development Fund by the Board of Directors, in an effort to reassure commitment.
The Managing Director of NEXIM Bank, Mr. Abba Bello, said those who submitted applications for stocking facilities and working capital to enable them to execute their export contracts were among the successful applicants.
He explained that these projects, which are spread across the country with nation-wide impact, cut across various sectors/industries, including cocoa, cashew, sesame seed, gum Arabic and leather products, adding that disbursements would commence immediately to maximise the benefits of the export season towards achieving the economic diversification objectives of the administration of President Muhammadu Buhari under the Economic Recovery & Growth Plan.
The total amount approved is expected to support about 15,000 direct and indirect jobs and facilitate foreign exchange inflow of about $100 million from non-oil exports.
It would be recalled that earlier in the year, the CBN established the N50 billion Export Development Fund, to be disbursed at single digit rate, which is currently being managed by
NEXIM.
Following the inauguration of the new Board in March 2018, the Minister of Finance, Mrs. Kemi Adeosun, charged the members to hit the ground running in order to ensure that the institution achieved its mandate of diversifying the foreign exchange earnings of Nigeria’s economy.
