Wednesday, 9 September 2015

NEXIM BANK PARTNERS COUNTRIES AND TRADE BODIES ON NON-OIL EXPORTS

Mr. Roberts Orya, MD/CEO, NEXIM Bank
Over the years, the Nigerian Export-Import Bank (Nexim Bank) supported the development of non-oil sectors of the nation’s economy. These supports have orchestrated the diversification of Nigeria’s economy.

Yes, Tectono Business Review can confidently say that under Mr. Roberts Orya as the MD|CEO, Nexim Bank’s initiatives have led to the development of non-oil sectors such as agriculture, entertainment, solid minerals and export promotion to mention a few.

In view of this, contemporary partnership which Nexim Bank plans to enter into with some countries and trade bodies targeted at promoting non-oil sectors of the nation’s economy is quite commendable and need to be vigorously pursued because of the multiplier effects therein. One of such is the recent partnership plan between the bank and Greece. It would be recalled that the Greek ambassador to Nigeria, Mr. AlekosIkonomopoulos, recently during a visit to the headquarters of the bank in Abuja indicated interests to partner with Nexim Bank in his country’s quest to develop non-oil exports with Nigeria. Such partnership should be encouraged because they will provide export opportunities for Nigerian goods, which will in turn positively improve upon the gross domestic products of the country.

Tectono Business Review gathered that during the discussion with the management of Nexim Bank, Mr. AlekosIkonomopoulos stated that Greece would seek ways to collaborate with Nigeria in ensuring the success of the partnership.

He said: “We shall create the enabling environment for Greek investors to collaborate with Nigeria in the areas of technology, maritime and agriculture.”

Mr. Orya expressed his appreciation to Mr. AlekosIkonomopoulos for the initiative, and added that the prospect of the synergy was bright because of the Sealink Project which would provide a good platform for the non-oil sector exportation. According to him, the Sealink is a private sector-driven project, and that Nexim Bank is only facilitating its establishment in line with its mandate, as the Trade Policy Bank of Nigeria, to promote and deepen non-oil export trade. According to him, the Sealink Project will promote intra and inter-African trade, thereby fostering regional integration, economic growth and development in the West and Central African sub-regions.

Similarly, Nexim Bank has also concluded plans to partner with the World Trade Organisation (WTO). The Nexim Bank boss made this development known when the deputy director general of the WTO, Mr. Yonov Fred Agah, visited him in Abuja. According to him, such collaboration will remove bottlenecks usually associated with international trade. Just like the Greek deal, that of the WTO would be enhanced by various platforms already initiated by the bank. Some of them are:
·         ECOWAS Trade Support Facility (ETSF)
·         Interstate Road Transport Scheme (ISRT)
·         Nigerian Creative and Entertainment facility.

The determination of the bank to collaborate with the WTO will no doubt deepen Nigeria’s relationship with relevant government agencies which will in turn determine the mechanism to drive Nigeria’s export market. Mr. Agah, during their discussion, revealed that trade finance was the core area of encouraging regional integration and a key factor in eradicating poverty.

In Mr. Agah’s own words: “The WTO provides the framework for negotiating trade agreements and dispute resolution processes to enforce participants’ adherence to WTO terms. Trade finance is the core area of encouraging regional integration and a key factor in eradicating poverty. The WTO aims to create awareness and proffer solutions to peculiar experiences in different countries with regards to trade.”

Mr. Agah believes that although empirical trade policy analysis was lacking, the WTO was working on developing a global value chain for better trade regimes, and promised to work with the Nexim Bank to achieve its goals.

Owing to the global slide in oil prices and the quest by Nigeria to diversify her economy by developing other sectors, such collaborations are coming at the right time. The world, it is said, is a global village and the only way for Nigeria to holistically develop is by collaborate with relevant bodies that will promote her export opportunities.