NEXIM Bank Tasks Edo Exporters on N50bn Export Fund

The Nigerian Export Import Bank (NEXIM) has urged Exporters in Edo state to make effort and access the N50 billion Export Development Fund (EDF) to boost the non-oil revenue in the state.
Managing Director of NEXIM, Abba Bello, disclosed this in a statement signed by Tayo Omidiji Head, Strategy and Communications, and made available to Economic Confidential in Abuja.
“Besides that N500 billion Export Stimulation Facility and the N50 billion Export Development Fund, which the Bank was implementing with the CBN, Edo State could also be accommodated under the N5 billion Niger-Delta Development Fund.
“This is about to be launched in partnership with the Niger-Delta Development Commission,’’ he said.
Bello was represented by Mrs Stella Okoete, Executive Director Business and Development.
He added that the Management Team was on Courtesy call on the state Governor, Godwin Obaseki as part of effort to boost access to finance by exporters and to support the industrialization drive in the state.
He said that the bank observed that besides oil, Edo State had significant Agricultural endowment with large plantations of Cocoa, Oil Palm and Rubber, among others
According to him, the Bank’s objective is to assist the State to develop its non-oil export potentials.
He noted that there was a wide scope for collaboration and partnership between Edo State and NEXIM Bank.
He added that the Bank could facilitate the drive to attract foreign investment and increase access to long term concessionary funds through its relationship with other EXIM Banks and Bilateral/Multilateral financial institutions.
Commenting, Gov. Obaseki, observed that the visit by the NEXIM officials was timely and apt.
“This is coming at a time when the state is developing its Industrial Parks and Deep sea Port to promote industrialization and economic diversification,” he said.
The Governor noted that Edo State had the largest on-shore gas resources and that given its central location; the state is quite strategic to export trade.
He noted that the State was now doing its best to develop the requisite infrastructure to facilitate trade.