The Nigerian Export-Import Bank (NEXIM) has reiterated its commitment to support the growth of small and medium sized enterprises (SMEs) in the country.
This followed its recent signing of a Memorandum of Understanding (MOU) with the African Export-Import Bank (AFREXIM), under the Nigeria-Africa Trade and Investment Promotion Programme (NATIPP).
The MoU was to support trade and investment flows between Nigeria and other African countries.
The signing of the MoU took place during the Inaugural Intra-African Trade Fair in Cairo, Egypt, last week.
Under the Agreement, Afreximbank would provide $1bn Line of Credit (LOC), which would be disbursed by NEXIM to qualifying beneficiary projects and transactions in support of Intra-African Trade and Investments.
The Managing Director/Chief Executive of NEXIM, Abba Bello, the deal would boost access of Nigerian exporters to investment capital and investment guarantee instruments, including the SMEs, thereby promoting intra-African trade and increasing the volume of formal trade.
According to the MOU, the fund is available to support growth of trade between Nigeria and other African countries with special emphasis on value addition, particularly in primary goods and commodities, with a view to enhancing local earnings and jobs creation.
The fund is also available to support capital and investment flows as well as projects being sponsored by Nigerians in other countries.
In implementing this programme, the Bello also revealed that the Bank would be working with all stakeholders, including exporters/ prospective exporters, investment partners as well as other financial institutions, both domestic and foreign.