Governing Boards of NAICOM, NCS, NEXIM for Inauguration
The Governing Boards of three Agencies supervised by the Federal Ministry of Finance would be inaugurated Thursday, this week Minister of Finance, Mrs. Kemi Adeosun has announced.
The Boards that would be inaugurated are those of Nigeria Customs Service (NCS), the National Insurance Commission (NAICOM) and the Nigeria Export-Import Bank (NEXIM).
The Nigeria Customs Service plays the dual activities of generating revenue for the Federation Account and providing protective security surveillance along the country’s borders to check smuggling.
In its revenue generation efforts, the Nigeria Customs Service generated a record N1 trillion for the country in 2017; with a promise to surpass that record in 2018. As a result of its surveillance along the country’s borders, the NCS last year intercepted more than 1,000 rifles and illicit drugs worth billions of Naira.
The National Insurance Commission (NAICOM), the Governing Board of which would also be inaugurated, is the regulator of the insurance industry in the country and has the mandate of setting standards for the conduct of insurance business in Nigeria. It also ensures adequate protection of strategic government assets and properties.
The Nigeria Export-Import Bank (NEXIM) was established by the Federal Government in 1991 as an export credit agency of the country. It provides export credit guarantees, gives trade information for exporters and extends short and medium-term loans to Nigerian exporters, among other services designed to boost Nigeria’s participation in international trade.
Meanwhile, Nigerian Export-Import Bank (NEXIM) has deepened its investments foray in the North East with additional N6 billion (North-East Intervention Fund) packaged to stimulate exports in the insurgent ravaged region.
To access the fund, the bank is encouraging small scale operators to form themselves into cooperatives to provide the corporate structure that would facilitate their access to the funds.
NEXIM confirmed the new credit line created for the region in a statement signed by its Assistant Manager, Corporate Communications Department, Mrs. Lohya Ruth Mamven.
The bank’s management team in continuation of the nationwide tour of projects in the different geopolitical zones of was in Borno state to assess NEXIM financed business projects under the N500bn Export Stimulation Facility (ESF) and the N50bn Export Development Fund (EDF).
The team was led by Executive Director (Corporate Services) Bala Bello who represented the Managing Director/Chief Executive, Mr. Abba Bello .
In his remarks, Bello said NEXIM Bank was cognizant of the aftermath of the recent insurgent activities on the socio-economic wellbeing of the region , noting that was why the Bank made a deliberate decision to increase its intervention in the region to facilitate rapid economic recovery.
He observed that despite the activities of the insurgents, Borno State has a strong history as a major hub for trans-Saharan trade and expressed optimism that NEXIM’s intervention would contribute towards restoring the State to its pride of place. Offering insights on two schemes, the Executive Director, Business Development, Stella Okotete explained that the N500bn Export Stimulation Facility was available for export oriented projects, under a scheme coined Produce, Add Value and Export (project PAVE), which encourages entrepreneurs, particularly those in the agricultural value chain to add value before exporting their products.