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Tag: NEXIM Bank

  • NEXIM Bank identifies South-South as new hub for export diversification

    NEXIM Bank identifies South-South as new hub for export diversification

    The Nigerian Export-Import Bank (NEXIM Bank) has identified the South-South region as the emerging strategic hub for export diversification. 

    It said the South-South has access to infrastructure like ports and proximity to export corridors.

    Managing Director of NEXIM Bank, Abba Bello, stated this in Benin City at the opening session of a one-day NEXIM SME Export Finance Sensitization Forum.

    Bello noted that the South-South offered offers immense potential for trade following successful agro-processing clusters in oil palm, cassava, cocoa, rubber, solid minerals projects and in the petro-chemical industries in Rivers State.

    He said industrial hubs in the region were home to MSMEs along value chains that produced high-quality food products, chemicals, building materials and servicing oil companies.

    The NEXIM bank boss said the industrial hubs provided products and services that would shape Nigeria’s non-oil export future.

    Represented by Mr. Flaring Tianiyu, Bello noted that improved access to finance, robust infrastructure, and effective trade facilitation would help the South South region continue to be a strong contributor to Nigeria’s non-oil export growth.

    He said the NEXIM Bank was working with partners such as GIZ, to address challenges faced by the over 41 million MSMEs in the country.

    Bello explained that the EXCEL Programme was designed to identify, strengthen, and finance export-ready MSMEs across the country, by leveraging digital tools, providing targeted-training, and enhancing financial-inclusion strategies. 

    His words, “The EXCEL Programme enables small businesses to scale up their operations, improve quality standards, and trade seamlessly within regional and international markets.

    “This initiative falls within the NEXIM Bank’s mandate of promoting diversified, non-oil exports, through inclusive financing models that empower women, youth, and small businesses to participate effectively in trade.

    “In addition, through the Nigeria Export Academy (NEXA), a digital platform, the Bank is expanding export capacity, providing export advisory and enabling MSMEs to operate with greater transparency and efficiency. We are also onboarding SME clients onto the African Trade Gateway (ATG), a digital ecosystem powered by Afreximbank, which integrates risk management tools (MANSA) payment systems (PAPSS), trade documentation, and logistics support to facilitate seamless cross-border trade for SMEs within Africa”, Bello further explained.

    GIZ Trade Advisor, Raymond Dangana, said major objective of the event was to sensitize participants on export financing. 

  • NEXIM Bank posts N30.47bn profit

    NEXIM Bank posts N30.47bn profit

    …boosts non-oil export with N496bn

    The Nigerian Export-Import Bank (NEXIM) has announced an operating profit of N30.47 billion for the financial year ended 2023, more than double the N13.75 billion recorded in the previous year.

    A statement from the bank described the performance as a testament to its financial resilience and operational efficiency.

    Managing Director of NEXIM, Mr. Abba Bello, said the bank had stepped up its support for the non-oil export sector, with disbursements exceeding N495 billion.

    He noted that these interventions have created and sustained more than 36,000 direct and indirect jobs across different sectors of the economy.

    According to him, “NEXIM has continued to expand its role in stimulating non-oil exports, providing financing that not only boosts trade but also supports value addition in agriculture, manufacturing, solid minerals, and services.”

    Reflecting its improved financial condition, NEXIM Bank was recently assigned a “BBB+” rating by the leading credit rating agency, Agusto & Co. Limited. The agency cited the bank’s strong capacity to meet obligations and its solid position among development finance institutions (DFIs) in Nigeria.

    Owned equally by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI), NEXIM was established to promote Nigeria’s non-oil exports and support import-substituting businesses. In recent years, the bank has maintained strong liquidity and capital adequacy ratios while growing its loan book and equity instruments.

    The bank is currently driving several initiatives to expand Nigeria’s trade footprint. These include: the Regional Sealink Project, a public-private partnership aimed at improving maritime logistics across West and Central Africa; promotion of factoring services by providing alternative financing for small and medium-sized enterprises (SMEs) engaged in export; and the Joint Project Preparation Fund (JPPF), developed in partnership with Afreximbank to enhance the bankability of export-oriented projects.

    In addition, NEXIM said it is designing tailored financing schemes for the mining industry, such as contract mining, equipment leasing, and buyers’ credit/export credit agency (ECA) financing. “These schemes are intended to unlock export potential in solid minerals and improve Nigeria’s foreign exchange earnings,” the statement said.

    NEXIM Bank reiterated its commitment to supporting local processing capacity and ensuring that Nigeria moves up the commodity value chain. “Our focus remains on driving value addition, increasing non-oil export revenues, and strengthening Nigeria’s participation in global trade,” NEXIM said.

  • NEXIM Bank disburses N420b to exporters, creates over 12,000 jobs

    NEXIM Bank disburses N420b to exporters, creates over 12,000 jobs

    The Nigeria Export-Import Bank (NEXIM) has announced that it has disbursed over N420 billion to exporters through its various funding channels.

    This has resulted in the creation of more than 12,000 direct jobs and thousands of indirect jobs across the value chain.

    The bank’s Managing Director and Chief Executive Officer, Mallam Abubakar Abba Bello, made this disclosure in Abuja at a forum organized by the youth wing of the All Progressives Congress (APC).

    Bello explained that one of the key funding lines, the Export Development Facility (EDF), was specifically designed to expand financing for small and medium enterprises (SMEs) in the non-oil export sector.

    According to Bello, the scheme provides loans at a single-digit interest rate of 9 percent, aligning with the development finance institution lending framework.

    “Export Development Fund (EDF) Financing is a N150 billion debenture from the Central Bank of Nigeria (CBN) to the Nigerian Export-Import Bank (NEXIM), with the objective of stimulating the non-oil export sector. It is a revolving loan. N137 billion has been released to NEXIM Bank. We have disbursed over N420 billion, which is close to NEXIM Bank’s total assets.

    The number of direct jobs created is in the region of 12,000. This is outside of the indirect jobs created along the value chain through our plants’ financing,” Bello said.

    He added that the facility operates as a revolving loan, ensuring continued access for exporters. “Once exporters pay, we will still give other exporters applying for the loan. Subsequently, we have gone beyond the Export Development Fund. NEXIM’s total assets are around N430 billion, and all our lending terms are the same as the Export Development Fund, with our interest rates at 9 percent. So far, we have funded exports to the tune of N420 billion and created 12,000 direct jobs,” he said.

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    The NEXIM boss stressed the role of youths in driving economic transformation, noting that Nigeria’s ambition to achieve a $1 trillion GDP by 2030 would not be feasible without their active participation.

    “The youth constitutes 70 per cent of Nigeria’s population. If youths are not in the center of production, the $1 trillion economy will be a mirage. At NEXIM, we do not only facilitate and fund non-oil exports; we make sure the export gets value addition by ensuring we don’t export raw materials but products with added value to earn the country the needed foreign exchange income. The value of non-oil exports has been on the rise since 2017 because of NEXIM Bank’s deliberate policy of value-addition infusion in all exported products,” Bello stated.

    He further noted that the bank has made deliberate efforts to ease collateral-related challenges that had previously hindered access to export financing. He also assured that NEXIM gives special consideration to women and youths in its export value chain financing.

    Earlier, the APC Youth Leader, Barr Dayo Israel, said the non-oil export sector offers vast opportunities for Nigerian youths, adding that the forum’s focus on NEXIM Bank was deliberate.

    “The diversification of the economy from oil to the non-oil export by the current administration is deliberate. It comes with immense opportunities in terms of job creation, which our youths can engage in. The growth in the non-oil export GDP this year tells us the diversification effort is working. Nigerian youths have demonstrated zeal to take advantage of the opportunity created by the renewed hope agenda,” Israel said.

  • NEXIM Bank disburses N420bn to exporters, creates over 12,000 jobs

    NEXIM Bank disburses N420bn to exporters, creates over 12,000 jobs

    The Nigeria Export-Import Bank (NEXIM) has announced that it has disbursed over N420 billion to exporters through its various funding channels.

    This has resulted in the creation of more than 12,000 direct jobs and thousands of indirect jobs across the value chain.

    The bank’s Managing Director and Chief Executive Officer, Mallam Abubakar Abba Bello, made this disclosure on Tuesday in Abuja at a forum organized by the youth wing of the All Progressives Congress (APC).

    Bello explained that one of the key funding lines, the Export Development Facility (EDF), was specifically designed to expand financing for small and medium enterprises (SMEs) in the non-oil export sector. 

    According to Bello, the scheme provides loans at a single-digit interest rate of 9 percent, aligning with the development finance institution lending framework.

    “Export Development Fund (EDF) Financing is a N150 billion debenture from the Central Bank of Nigeria (CBN) to the Nigerian Export-Import Bank (NEXIM), with the objective of stimulating the non-oil export sector. It is a revolving loan. N137 billion has been released to NEXIM Bank. We have disbursed over N420 billion, which is close to NEXIM Bank’s total assets. The number of direct jobs created is in the region of 12,000. This is outside of the indirect jobs created along the value chain through our plants’ financing,” Bello said.

    He added that the facility operates as a revolving loan, ensuring continued access for exporters. “Once exporters pay, we will still give other exporters applying for the loan. Subsequently, we have gone beyond the Export Development Fund. NEXIM’s total assets are around N430 billion, and all our lending terms are the same as the Export Development Fund, with our interest rates at 9 percent. So far, we have funded exports to the tune of N420 billion and created 12,000 direct jobs,” he said.

    The NEXIM boss stressed the role of youths in driving economic transformation, noting that Nigeria’s ambition to achieve a $1 trillion GDP by 2030 would not be feasible without their active participation.

    “The youth constitutes 70 percent of Nigeria’s population. If youths are not in the center of production, the $1 trillion economy will be a mirage. At NEXIM, we do not only facilitate and fund non-oil exports; we make sure the export gets value addition by ensuring we don’t export raw materials but products with added value to earn the country the needed foreign exchange income. The value of non-oil exports has been on the rise since 2017 because of NEXIM Bank’s deliberate policy of value-addition infusion in all exported products,” Bello stated.

    He further noted that the bank has made deliberate efforts to ease collateral-related challenges that had previously hindered access to export financing. He also assured that NEXIM gives special consideration to women and youths in its export value chain financing.

    Earlier, the APC Youth Leader, Barrister Dayo Israel, said the non-oil export sector offers vast opportunities for Nigerian youths, adding that the forum’s focus on NEXIM Bank was deliberate.

    “The diversification of the economy from oil to the non-oil export by the current administration is deliberate. It comes with immense opportunities in terms of job creation, which our youths can engage in. The growth in the non-oil export GDP this year tells us the diversification effort is working. Nigerian youths have demonstrated zeal to take advantage of the opportunity created by the renewed hope agenda,” Israel said.

  • Nexim Bank MD to engage youths on wealth creation

    Nexim Bank MD to engage youths on wealth creation

    The Managing Director of the Nexim Bank, Abubakar Abba Bello, will on Tuesday  September 2 by 9am address a gathering of young entrepreneurs and business owners especially in the agriculture and non-oil production value chain as part of effort to drive foreign exchange into the Nigerian economy.

    Bello  will be speaking at a Breakfast event organised by the Youth Wing of the ruling party, APC under the leadership of the National Youth Leader (NYL), Hon Dayo Israel. 

    According to the NYL: “if we are to create more local jobs and attract foreign exchange into Nigeria, we must increase our export in particular non-oil export. 

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    “We must provide information to entrepreneurs on how to access funding and technical support, we must support our businesses to compete globally especially in the African continent leveraging on opportunities created by AFCTA. 

    “This is why we are excited about the engagement with the MD of Nexim Bank to create an interface between these entrepreneurs and our number 1 Export czar”.

    Speaking further, Israel, reiterated that it will be a busy week at the Youth House because we will be having back-to -back sessions and activities to shape the progressive minds of our youths and further leverage of the Renewed Hope Agenda of  President  Bola Ahmed Tinubu.

  • Jigawa Senator collaborates with NEXIM Bank on export opportunities

    Jigawa Senator collaborates with NEXIM Bank on export opportunities

    Senator Babangida Hussaini (Jigawa north west) has collaborated with Nigerian Export and Import (NEXIM) Bank to organise an export enlightenment programme..

    Hussaini lamented despite being the larger producer of international marketable products such as Hibiscus, Sesame and Soya beans, the State is one of the least beneficiaries in exporting advantages.

    According to him: “Under this programme, the NAXIM bank decided to establish a framework engaging my people and telling them on important of productions, processing, packaging and exporting the products”.

    Hussaini noted that the Senate would support promoting non-oil sector and exporting goods to international markets “as a member of banking and finance committee of the senate I will make sure to ensure enabling environment for the bank (NEXIM) to achieve on the desired objectives”.

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    “Jigawa made in Habiscs, Sesame etc are one of the premium grades in a global market but the people of the state are not benefiting from exporting the commodities”.

    He promised to continue collaborating with NEXIM Bank to enhance the skill and capacity of the people of the state to ripe the advantage for poverty eradication jobs creation and sustainable development.

    Managing Director of Nigeria Export and Import (NEXIM) Bank Mr Abba Bello said the engagement was aimed at enlightening the people on the opportunities and potentials for exporting non-oil goods to other countries.

    He said they chose to take the campaign on export promotion to Jigawa State because it has comparative advantage of many agricultural products ranking high in non-oil export from Nigeria.

    The MD, who was represented by Alhaji Ibrahim , Khalil Gaga, said it was unfortunate despite the agricultural potentials in the State Jigawa was among the poorest in the country.

    Bello added that promoting exporting such goods will enhance local skills, create jobs, promoting wealth, creation growth and development.

  • Benin Industrial Park: NEXIM Bank offers Edo N553b funding window

    Governor Godwin Obaseki’s effort to industrialise Edo state has gotten a new boost as a Federal Government banking institution, the Nigerian Export-Import (NEXIM) Bank has thrown its weight behind the project with three funding windows running into N553 billion for the park’s development and building of local capacity to meet export standards.

    The management of NEXIM bank led by its Executive Director, Business Development, Hon. Stella Okotete, disclosed this during a courtesy visit to the governor at the Government House, in Benin City, the Edo State capital

    The funding opportunities are a N500billion Export Stimulation Fund managed by NEXIM Bank in partnership with the Central Bank of Nigeria (CBN) and a N50 billion State’s Export Development Fund, which the state government can access to encourage entrepreneurs to improve the quality of goods to meet international standard.

    There is also a N3billion Export Development Fund available for capacity development for entrepreneurs in the non-oil sector.

    Obaseki said his administration is keen on developing human capital to improve the state’s comparative advantage to produce economic goods to meet international standards.

    “Nigeria will remain an import dependent country if effort is not made to improve the quality of goods produced to meet global standards. Effort must be made to produce goods that are competitive.”

    He assured, “This administration will focus on reducing the cost of production and exportation by improving power supply and ease the means of transportation of goods and services.

    “If goods are cheaper abroad, it will be better to import than export. There are lot of incentives offered by the Federal Government to support exportation. We will go beyond the rhetoric and implement strategies that will encourage export of quality products in a competitive market.

    “The Benin Industrial park and the Gelegele Sea Port, when completed, will guarantee lower cost for goods to be exported through water transportation which is cost effective.”

    Executive Director, Business Development, NEXIM Bank, Hon. Stella Okotete, said the NEXIM Bank team is in the state to showcase funding opportunities available through the bank to encourage exportation of non-crude oil products.

    Okotete said, “NEXIM Bank is ready to partner with the state government to achieve the vision of developing the Benin Industrial Park project, improve human capacity and provide financial advisory services to entrepreneurs.”

    “NEXIM Bank has N500 billion Export Stimulation Fund in partnership with the Central Bank of Nigeria (CBN) and the N50 billion State’s Export Development Fund which the state government can access to encourage entrepreneurs to improve the quality of their goods to meet international standard,” she added.

    Noting that there is also opportunity to build capacities of entreprenuers in the state, she said, “There is a N3billion Export Development Fund which is available for the development of capacity for the training of entrepreneurs in the non-oil sector to enable them improve the quality of their products to meet international standard. This fund will be given to women and youth cooperatives to enable them improve the export value chain.”

    Read Also: NEXIM bank set to inject N500b export development fund to rescue indigenous firms

     

     

     

  • NEXIM bank set to inject N500b export development fund to rescue indigenous firms

    The Nigerian Export-Import Bank (NEXIM) is preparing to disburse a N500 billion Export Development Fund to encourage industrial development and facilitate economic diversification.

    Besides the N500billion, the bank has earmarked a separate N50 billion for agricultural development across the 36 states of the federation, including Abuja.

    The Managing Director/ Chief Executive of NEXIM bank, Alhaji  Abba Bello, said yesterday during an assessment tour of Challawa, Bompai and Sharada Industrial areas in Kano State that his organisation could not afford to see indigenous industries that are export-oriented collapse, due to dwindling  working capital.

    On agriculture, he said N1billion will be made available to each state for the massive cultivation of a crop for which it has a comparative advantage over other states .

    Furthermore, Bello explained that the Bank is out to assist those companies that have in one way or the other benefitted from the services and facilities of the bank in their quest to expand their business operations to cover their value chain.

    Prominent among the industries visited include, Dutse Granite Company Limited, Sharada, which produces marbles and granites of international standard, which is expected to be commissioned before the end of the year.

     

  • NEXIM Bank urges S/East, Delta SMEs to access N550b export facility

    NEXIM Bank urges S/East, Delta SMEs to access N550b export facility

    The Nigerian Export-Import Bank (NEXIM) has called on export-oriented Small and Medium Entrepreneurs (SMEs) in the Southeast and Delta States to access the N500 billion Export Stimulation Facility (ESF), and the N50 billion Export Development Fund being managed by the Bank.

    The Managing Director/CEO, Abba Belloto said the facility is meant to boost their businesses, create more jobs, and contribute to the foreign exchange revenue earnings of the country.

    The bank’s Enugu Regional Office, in a statement after a one-day seminar titled: Leveraging NEXIM Bank Facilities to Unlweash Your Export Potential; held at the Oaklands Centre, Enugu, said the facilities were made available to NEXIM Bank last December for onlendig at a maximum of nine per cent interest rate.

    The statement said the funds were designed to redress the declining export credit to SMEs and reposition the non-oil sector to increase its contribution to the country’s revenue generation and economic development, pointing out that the improved export financing for non-oil exporters will enable them to upscale and expand their businesses and improve their competiveness.

    Speaking on behalf of the bank’s MD/CEO, the Head of the Bank’s Enugu Regional Office, Mr. Chinedu Moghalu said the funds are being made available to the NEXIM by the Central Bank of Nigeria (CBN)  at a time the bank has decentralised its operations to all the regions of the country for easier accessibility of its products and services to maximise their impacts.

    He said: “NEXIM Bank is determined to ensure these funds achieve the desired impact of triggering non-oil export development, growth and economic progress in line with its mandate as the trade policy bank of the Federal Government and the applicable CBN guidelines for the implementation of the facilities.”

    The representative of  Enugu State Governor and Special Assistant on SME Development, Anayo Agu, said the programme has come at the right time.  “The opening of NEXIM Bank Regional Office for the Southeast and Delta states in Enugu, and the invitation to the SMEs to access affordable non-oil export facilities, had been the missing link in the efforts of various governments in the region to derive maximum benefits from their investments in the SME value chain, especially in the agriculture and other non-oil sectors. It provides us the platform to reach heights we could only dream about before now.”

    The objectives of the ESF as contained in the CBN guidelines are to improve access of exporters to concessionary finance to expand and diversify the non-oil export baskets;  attract new investments and encourage re-investments in value-added non-oil exports production and non-traditional exports;  shore up non-oil export sector productivity and create more jobs. Others are support export oriented companies to upscale and expand their export operations as well as capabilities; diversify and increase the level of contribution of non-oil exports revenue towards sustainable economic development; and broaden the scope of export financing instruments.

    The transactions permissible for funding under the ESF include, export of goods wholly or partly processed or manufactured in Nigeria; export of commodities and services, which are permissible and excluded under existing export prohibition list; imports of plant and machinery, spare parts and packaging materials, required for export oriented production that cannot be produced locally.

    Other businesses eligible under the ESF are export value chain support services such as transportation, warehousing and quality assurance infrastructure; resuscitation, expansion, modernisation and technology upgrade of non-oil exports industries. Stocking facility and working capital can also qualify for funding under the ESF.

    Potential applicants to the ESF can either send their requests through their local commercial banks or directly to NEXIM as the revised CBN guidelines assigns the bank a dual role of both manager and participating financial institution.

    The N50 billion Export Development Fund will be managed by NEXIM and implemented in collaboration with the state governments. NEXIM has earmarked at least N1 billion for each state under the State Export Development Programme component aimed to catalyse and incentivise export investment to promote diversification and industrialisation.

    Through the programme, NEXIM Bank will also have a programme for women/youth development, especially to provide support to industries that are involved in apparel/garmenting, cashew, shea, and others.

    CBN Governor, Mr. Godwin Emefiele had stated during the announcement of the funds in December 2017 that the ESF can also be implemented by adapting the Anchor Borrowers Programme framework while promoting the PAVE initiative.

    According to Moghalu, “The overall aim of the ESF and EDF is to lower the costs of Nigerian exporters so that their products can be priced at a level where they can compete with other products around the world.”

    The NEXIM Bank regional head urged eligible export-oriented companies in the Southeast and Delta states with permissible transactions under the schemes to participate in the funding scheme by submitting proposals for consideration through the financial institutions of their choice or directly to NEXIM Bank.

  • NDDC, NSIP to tackle poverty in Niger Delta – Ekere

    NDDC, NSIP to tackle poverty in Niger Delta – Ekere

    The Niger Delta Development Commission ( NDDC ) says it will work with the National Social Investment Programme ( NSIP ) to eradicate poverty in Niger Delta.

    NDDC Managing Director, Mr Nsima Ekere, said this on Thursday in Port Harcourt, when the Special Adviser to the President and Head of NSIP, Mrs Maryam Uwais, led a delegation to the commission’s headquarters.

    According to a statement by the commission’s Director of Corporate Affairs, Ibitoye Abosede, NDDC will support NSIP to fight poverty in Niger Delta because poverty knows no political affiliation or religious inclination.

    “I am happy that NSIP is fighting poverty and striving to give hope to the poorest of the poor – who arguably are more in the Niger Delta that produces the nation’s wealth.

    “The present NDDC board and management are making efforts to return the commission to its core mandate. This explains why we currently have as much as 8,000 projects ongoing,” he said.

    Ekere said the desire to end poverty in the region led the board to adopt a 4-R strategy which focuses on redefining the commission’s processes.

    He said the strategy aimed at restructuring the commission’s balance sheet; restore its core mandate and reaffirm commitment to doing what was right and proper at all times.

    He said the strategy also entails reformation of the commission’s governance system to ensure it complies with extant rules and regulations.

    “NDDC has done a lot in infrastructure over the years; however, we also want to build human capital, which is the area that connects with NSIP mandate to fight poverty.

    “We are embarking on collaborations that will help; recently, we signed agreement with NEXIM bank to help us achieve this.

    “We want to create an export initiative in the agricultural sector – which will create jobs and help the nation’s economy, especially now that value of crude oil is waning,” he said.

    Ekere said the commission was in partnership with the Small and Medium Enterprises Development Agency ( SMEDAN ) to create jobs for indigent youths and train women on businesses.

    Earlier, Uwais, the Head, NSIP, called on NDDC to assist the body to drive its four social investment programmes in the region.

    She said the Federal Government’s N-Power job programme for unemployed tertiary graduates in the country was by far “the largest spending item among its four social investment programmes.”

    “N-Power job scheme for unemployed graduates is running in 36 states and have seen 200,000 unemployed youths effectively enrolled, validated in 2016 and cleared to receive N30,000 monthly stipend.

    “The number of beneficiaries is expected to increase to about 400,000 in a couple of months,” she said.

    Uwais said they had made progress with GEEP, designed to empower market women, traders and artisans, with the disbursement of interest free loans.

    She said the portal for engagement of the beneficiaries would soon be opened and would last for a period of six weeks.

    NAN