NEXIM Bank Expends N22bn, Creates 2,039 Jobs
The Nigerian Export-Import Bank says it expended about N22bn and created about 2,039 direct jobs within one year.
The bank said that the N22bn disbursed also led to the creation of several indirect jobs and foreign exchange earnings of about $267m annually.
In a statement on Thursday, the bank said the beneficiaries of the disbursed fund from different parts of the country were mostly exporters of agricultural commodities and value-added products such as cocoa, cashew, sesame seed, gum Arabic and leather products.
Apart from its funding intervention, NEXIM said it also recorded a quantum leap in its financial indices, with a profit of about N2.09bn recorded in 2018, from a loss position in 2017.
“The balance sheet size also doubled from about N61bn in 2016 to about N117bn in 2018 and it is projected to increase to N190bn by December 2019,” it said.
The statement said since the appointment of a new Managing Director/Chief Executive, Mr Abba Bello, in April 2017, and the inauguration of the board in March 2018, chaired by the Deputy Governor of the Central Bank of Nigeria, Mr Joseph Nnanna, NEXIM Bank had taken steps to rejig its operations.
The statement said, “Besides collaborating with the CBN in the management of intervention funds to the tune of N550bn, its export support programme is predicated on the PAVE philosophy, that is, Produce, Add Value and Export.
“NEXIM Bank’s efforts to develop the non-oil export sector is currently structured along six initiatives, which include support for critical agricultural commodities, particularly products where the country has a high comparative advantage.
“This is to minimise informal trade and boost the country’s export footprint. The bank is also supporting export services in the areas of the creative economy, business process outsourcing, professional services, as well as medical tourism, towards saving about $1bn lost annually to foreign trips by Nigerians.”
The bank also said it was providing funding/investment guarantees to facilitate private sector investments and partnerships in internationally acceptable laboratories and assaying facilities/related infrastructure.
“This is in addition to providing funding support towards the establishment of conditioning, irradiation and sterilisation facilities to enhance the shelf life of perishable goods, as well as the production of jute bags, corrugated cartons and flexible packaging materials,” the statement said.
The bank also said it was supporting the promotion of inland waterways operations and bulk export terminal upgrade through its Sealink project, which was expected to facilitate an annual shipment of over 30 million tonnes of solid minerals valued at $1.8bn.