Tag Archives: NEXIM

NEXIM approves N25 billion loans in support of Nigerian non-oil exporters


NEXIM approves N25 billion loans in support of Nigerian non-oil exportersManaging Director/CEO, Nigerian Export-Import Bank, Abba Bello


The Nigerian Export-Import Bank (NEXIM) has approved the disbursement of loans totalling N25 billion in support of various projects in the non-oil export sector. The approvals were granted at the meeting of the Board of Directors of the Bank, which held on Thursday, July 26. The approved applications were under NEXIM’s Export Development Fund (EDF).

Beneficiaries of the loan include exporters of agricultural and value-added products, who submitted applications for stocking facilities and working capital to enable them execute their export contracts.

These projects, which are distributed across the country with nation-wide impacts, cut across various sectors and industries including cocoa, cashew, sesame seed, gum arabic and leather products.

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.

According to the statement by the Managing Director and CEO of NEXIM, Abba Bello, disbursement will commence immediately to maximize the benefits of the export season towards achieving the economic diversification objectives of the administration of President Muhammadu Buhari under the Economic Recovery and Growth Plan (ERGP).

The N50 billion Export Development Fund, currently being managed by NEXIM, was established by the Central Bank of Nigeria to be disbursed at single digit.

The Minister of Finance, Kemi Adeosun, at the inauguration of the new board in March 2018, charged it to hit the ground running to ensure that the institution achieves its mandate of diversifying the foreign exchange earnings of the Nigerian economy.

NEXIM is the Export Credit Agency of the Federal Government of Nigeria, owned equally by the CBN and Federal Ministry of Finance Incorporated. NEXIM is mandated to promote Nigerian non-oil exports. In this regard, the development finance institution has been focusing on the Manufacturing, Agriculture, Solid Minerals and Services sectors.

In a recent exclusive interview with Financial Nigeria, Mr. Abba Bello said NEXIM is working to move Nigeria up the value-chains of non-oil exports, helping Nigerian producers and exporters to shift from exportation of primary products to manufactures and secondary products.

NEXIM Bank boss frets over Africa’s high informal trade



Managing Director, Nigerian Export-Import Bank (NEXIM) Mr. Abba Bello, has expressed concern about high level of informal trade in Africa.

He made this lamentation at the Afreximbank Annual Meetings and 25th Anniversary Celebrations in Abuja.


Bello noted that with informal non-oil exports estimated at a minimum of $12billion annually as against recorded non-oil export trade averaging about $3billion annually in recent times, the solutions lies with factoring as best alternative means of financing.
Abba was contributing to a round table debate on Factoring at one sidelines of Afreximbank event.

This came as African Export-Import Bank (Afreximbank) entered into an agreement under, which the African Development Bank to provide it with a $500,000 grant from its African Private Sector Assistance (FAPA) programme to be used in supporting emerging factoring firms in Africa.


The pact, signed at the Afreximbank Annual Meetings and 25th Anniversary Celebrations in Abuja, is aimed at upgrading the capacity and skill-sets of up to 20 emerging factoring firms and providing advisory services to enhance the sustainability of established growth-orientated factoring firms, regulators, financial institutions and business and trade associations in Africa.


Kanayo Awani, Managing Director, Intra-African Trade, signed on behalf of Afreximbank while Ebrima FAAL, Senior Director, Nigeria Country Office, signed for the African Development Bank, in the presence of Elfriede Geisler, Chargé d’Affaires, Embassy of Austria in Nigeria, and Yutaka Kikuta, Ambassador of Japan to Nigeria, who represented the FAPA donor countries.

Commenting on the agreement, Dr. Benedict Oramah, President of Afreximbank, said: “SMEs in Africa have long faced real difficulties accessing external finance for their business activities and this has impeded their growth and prevented them pursuing commercial opportunities.


“Afreximbank sees factoring as a solution to bridge the funding gap facing SMEs, and the agreement will support our strategy to grow Intra-African trade and facilitate greater SME contribution to regional and global supply chains.”