CBN Headquarters

By  Ibrahim Shuaibu  

Nigerian Export Import Bank (NEXIM Bank) has disclosed that the bank has disbursed a total of about N70 billion and US$322 Million in supporting over 900 export project in the sector.

Executive Director  of the bank, Alhaji Bashir Wali, who disclosed this in Kano during  exporters’  enlightenment forum held at the New Central Hotel, Kano, stated that the beneficiaries were mostly small and medium scale enterprises.  

He said the funding by export credit agency had contributed to the creation  and sustenance of over 300,00 direct  jobs, in addition to many indirect jobs.

Wali said the bank had earned over $1bn in foreign exchange for the country during the period, stating that since the appointment of the bank’s executive management in 2009, it had taken steps towards resolving the challenges facing the institution. 

"The steps taken included major strategic repositioning exercise aimed at significantly transforming the operations of the bank, saying in recognition of the positive steps towards strategic transformation, NEXIM had received increased financial support from its shareholders.

The executive director stressed that apart from the support from its shareholders- that is, the Central Bank of Nigeria and the Federal Ministry of Finance, new lines of credit had been secured to open the non-oil export sector to concessional funding.

"As part of our efforts to deepen regional trade, we are currently working on the regional Sea Link Project to facilitate movement of goods and passengers within the West African sub-region”, Wali added.

According to him, "this is being conceived as a private sector project, but facilitated by NEXIM in collaboration with the Federation of the West African Chamber of Commerce, the Council of the Central African Chamber of Commerce and Transimex, a Cameroun-based logistics company.”