The
Executive Director, Business Development of Nigerian Export-Import Bank (NEXIM),
Mrs. Stella Okotete, has revealed
that the bank is seeking partnership with Ondo state on cocoa projects and
other commodity exporters to scale up export trade.
The
Head, Strategy and Communications at NEXIM Bank, Mr. Tayo Omidiji, in a statement in Abuja, Wednesday disclosed that
Okotete spoke when the bank’s management team visited business operators and
major projects in Ondo State. She said the visit was aimed at ensuring a
collaboration that would facilitate export in the state.
While
speaking, Okotete noted that cocoa was a leading non-oil export commodity from
Nigeria and it was necessary to seek partnership with Ondo being a main
cocoa-producing area.
She
informed that currently, the country exports mainly raw cocoa beans but
consumed much more than its revenue to import chocolates and other finished
cocoa products, adding that NEXIM was eager to reverse the trend, and in the
process, enhance jobs and advance export revenues.
She
noted that the bank had started receiving applications under the N5OO billion
Export Stimulation Facility, which it executed with the Central Bank of
Nigeria, adding that the funds had been created to provide long term facilities
to exporters at single digit interest rate.
She
informed that N1 billion of the N50 billion Export Development Fund was
organised for the purpose of supporting Small and Medium Enterprises, operating
along the export value chain, and added that about N3 billion had also been
reserved under a special scheme programmed for women and youth.
Speaking
on support for the Niger Delta Region, she disclosed that a Niger-Delta
Development Fund had been established in conjunction with the Niger-Delta
Development Commission, with a seed fund of N5 billion to encourage
export-oriented projects.
Okotete
revealed that while the bank’s management team was on a courtesy visit to the
state, Gov. Rotimi Akeredolu expressed
his desire to support the revitalisation of ailing projects with strong market
potential. It was against this backdrop that she urged exporters in Ondo State
to take advantage of this fund, being the only Niger-Delta State in the
Southwest region.
Recall
that the N500 billion Export Stimulation Facility (ESF) and the N50 billion
Export Development Fund (EDF) are managed by NEXIM Bank. As part of the bank’s
mandate to promote export trade, owners of Small and Medium-Scaled Enterprises
(SMEs) in the export industry have been advised to take advantage of the N550
billion export facilities under the care of the Nigerian Export-Import Bank
(NEXIM) to grow their businesses.
The
amount was set aside to redress the declining export credit to SMEs and
reposition the non-oil sector to increase its contribution to the country’s
revenue generation and economic development. (Sun)
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