Nigerian Export Import Bank (NEXIM)
Managing Director, Nigerian Export Import Bank (NEXIM), Mr. Robert Orya, said the bank has earmarked the sum of N6 billion to boost the capacity of Nigerian manufacturers to deepen exports within the West African sub-region.
His disclosure came amid efforts by the bank to forge a ‘value-added business advisory services’ partnership with the Commonwealth Lawyers Association (CLA) to deepen trade in the sub-region and draw the much desired foreign direct
investment (FDI) into the country.
Speaking at an interactive session with journalists in Abuja, the Managing Director stated 25, 862 jobs are expected to be created in the country by the latest funding support to exporters.
He also said about N540 million has been salvaged from its total bad loan portfolio of N10.03 billion as at December last year.
He also said the bank was making concerted efforts to grow the manufacturing, agriculture, solid mineral, services and other non-oil sectors of the economy in pursuant to the federal government’s move to diversifying the economy on a sustainable basis.
“We are committed to deepening exports within the sub region. We have set aside a remarkable amount to encourage our exporters and we are looking at a situation where not less than $40m would be in support of Nigerian exporters in 2011 through the risk bearing facilities.
“Our target for 2011 is a very ambitious one and we have decided that we are not only going to deepen trade within the sub-region, we will also deepen the payment system so that we can give some kind of financial support to potential buyers of our products and make our products more competitive. We also want to formalise trade because there are lots of informal trade in the country,” he said.