The Indonesia Eximbank has signed a Memorandum of Understanding (MoU) with the Nigerian Export-Import Bank (NEXIM Bank) expressing intentions to enhance cooperation and forge stronger relationships in promoting regional and global trade and investment between Indonesia and Nigeria.
The MoU intends to foster trade, technical assistance, experience and information sharing, including other investment relations in a way that would promote financing, guarantees, insurance and counter trade instruments to increase transactions between Indonesia and Nigeria.
In his welcome remarks, Mr. Abba Bello informed the Indonesia Eximbank team that NEXIM Bank was established by Act 38 of 1991 as an Export Credit Agency with the broad mandate of promoting the diversification of the Nigerian economy and deepening the external sector, particularly the non-oil export sector.
The Bank pursues this through the provision of credit facilities in both local and foreign currencies; risk-bearing facilities through export credit guarantee & export credit insurance as well as business development and financial advisory services etc.
Presently, the Bank’s current strategic initiatives are geared towards boosting job creation and foreign exchange earnings in the Manufacturing, Agro-processing, Solid Minerals and Services (MASS) sectors in alignment with the efforts of the federal government to diversify the economy, create jobs and increase both the value and sources of foreign exchange earnings in the country.
Mr. Bello expressed his delight that both Banks were able to quickly come to terms on the Articles of the MoU considering the brevity of time spent in the negotiations, which shows strong commitment on both sides to work towards a more mutually beneficial relationship.
Furthermore, the NEXIM MD indicated that by virtue of both banks’ membership of the Global Network of Eximbanks and Development Finance Institutions (DFIs) G-NEXID, he hopes that the intentions expressed in the MoU would be much easier to pursue. NEXIM Bank has been the honourary president of G-NEXID since May 2015.
In his response, the Managing Director of Indonesia Eximbank, Mr. Dwi Wahyudi expressed his satisfaction that the two institutions have established a viable intention to forge strong collaborative relationship as signalled by the MoU. He disclosed that the Indonesia Eximbank was incorporated by virtue of Law Number 2/2009, as an export credit institution that provides export financing in the form of security, insurance and consultation services.
