The Nation Newspaper

Tag: NEXIM Bank

  • NDDC, NEXIM Bank to set up N2.5b Export Development Fund

    NDDC, NEXIM Bank to set up N2.5b Export Development Fund

    The Niger Delta Development Commission (NDDC) will set up a N2.5 billion export development fund in conjunction with the Nigerian Export-Import Bank (NEXIM), its Managing Director Nsima Ekere said yesterday.

    He spoke when a delegation from  NEXIM Bank visited the Commission’s headquarters in Port Harcourt.

    Ekere said the NDDC as an interventionist agency, needed to leverage NEXIM Bank to tackle the challenges of creating jobs and building sustainable development programmes.

    He decried a situation where  Niger Delta youths were often left without hope, stating: “We need to give the youths hope by providing opportunities for them.”

    The NDDC Chief Executive Officer said the Commission had built a lot of infrastructure but must also develop the human capital. “That is why we are going to partner with NEXIM Bank to develop a regional export market which provide new opportunities for our people,” he said.

    Ekere added: “There is no better place than the Niger Delta to prepare for the diversification of the country’s economy. Now that revenue from oil has started dwindling, this is the right time to begin to create opportunities for the people in the non-oil sector.”

    He said the NDDC would set up a technical team to work out the modalities for setting up hubs for regional exports in the Niger Delta because, “the region is blessed with a lot of agricultural products that can be developed for export. We have rubber, palm oil, cashew nuts, shrimps that can be developed to keep the youths gainfully employed as well as generating foreign exchange for the country.

    “We are now doing things differently by using  the 4-R initiative to add value to the process of the Commission. Through the new initiative, we have structured our processes to make them transparent. Hence, we are restructuring the balance sheet; reforming the governance protocols; restoring the Commission’s core mandate and reaffirming its commitment to doing what is right and proper.”

    Executive Director, Business Development of NEXIM Bank, Stella Okotete, spoke on the importance of building a platform for viable export markets for the Niger Delta , adding that there was need to create awareness for a regional export initiative.

    She said: “We need to scale up credit to the non-oil sector and that is why we are seeking collaboration with NDDC to drive the process.”

    She affirmed the NEXIM Bank’s commitment to increasing the flow to the non-oil export basket and promoting export initiatives at regional levels, adding: “we need to improve on value-added exports, instead of just dealing on primary agricultural produce. This will enhance capacity development in specific export produce.”

     

  • NDDC, NEXIM Bank to set up N2.5b Export Development Fund

    The Niger Delta Development Commission (NDDC) will set up a N2.5 billion export development fund in conjunction with the Nigerian Export-Import Bank (NEXIM), its Managing Director Nsima Ekere said yesterday.

    He spoke when a delegation from  NEXIM Bank visited the Commission’s headquarters in Port Harcourt.

    Ekere said the NDDC as an interventionist agency, needed to leverage NEXIM Bank to tackle the challenges of creating jobs and building sustainable development programmes.

    He decried a situation where  Niger Delta youths were often left without hope, stating: “We need to give the youths hope by providing opportunities for them.”

    The NDDC Chief Executive Officer said the Commission had built a lot of infrastructure but must also develop the human capital. “That is why we are going to partner with NEXIM Bank to develop a regional export market which provide new opportunities for our people,” he said.

    Ekere added: “There is no better place than the Niger Delta to prepare for the diversification of the country’s economy. Now that revenue from oil has started dwindling, this is the right time to begin to create opportunities for the people in the non-oil sector.”

    He said the NDDC would set up a technical team to work out the modalities for setting up hubs for regional exports in the Niger Delta because, “the region is blessed with a lot of agricultural products that can be developed for export. We have rubber, palm oil, cashew nuts, shrimps that can be developed to keep the youths gainfully employed as well as generating foreign exchange for the country.

    “We are now doing things differently by using  the 4-R initiative to add value to the process of the Commission. Through the new initiative, we have structured our processes to make them transparent. Hence, we are restructuring the balance sheet; reforming the governance protocols; restoring the Commission’s core mandate and reaffirming its commitment to doing what is right and proper.”

    Executive Director, Business Development of NEXIM Bank, Stella Okotete, spoke on the importance of building a platform for viable export markets for the Niger Delta , adding that there was need to create awareness for a regional export initiative.

    She said: “We need to scale up credit to the non-oil sector and that is why we are seeking collaboration with NDDC to drive the process.”

    She affirmed the NEXIM Bank’s commitment to increasing the flow to the non-oil export basket and promoting export initiatives at regional levels, adding: “we need to improve on value-added exports, instead of just dealing on primary agricultural produce. This will enhance capacity development in specific export produce.”

  • NSC, NNPC, NEXIM Bank, others partner on truck park

    NSC, NNPC, NEXIM Bank, others partner on truck park

    The Nigerian Shippers Council (NSC) said, it is collaborating with the Nigerian National Petroleum Corporation (NNPC), NEXIM Bank and other investors to build world-class Truck Transit Park ( TTP) in Ogun State to boost the economy and generate more revenue for the government.

    Speaking with reporters at the old truk park in Ogere, along Lagos/Ibadan Epressway yesterday, its Executive Secretary, Mr Hassan Bello said the NSC would also collaborate and seek the support of the Ogun State government on the proposed park in the state.

    The construction of the park, Bello said, was part of federal government efforts in decongesting the ports access roads in Lagos and to facilitate quick cargo clearance.

    Bello who was in Ogun for on-the-spot assessment of the dilapidated trailer park  along the expressroad, said the project would be driven through Public Private Partnership (PPP) to achieve the desired results.

    He said: “This is just a trailer park. What we need is a TTP with hotels and hostels for accommodation purposes. The proposed park will have chain of restaurants and of cause petrol stations.

  • Buhari appoints new management for NEXIM Bank

    President Muhammadu Buhari has approved the appointment of Mr. Abubakar Bello as the new Managing Director of the Nigeria Export-Import Bank (NEXIM).

    The Director of Press in the Office of the Secretary to the Government of the Federation (SGF), Mr. Bolaji Adebiyi, disclosed this in a statement on Thursday in Abuja.

    He said the President had also approved the appointment of Dr. Bala Bello and Mrs. Stella Okotete as Executive Directors, Corporate Services and Business Development respectively.

    The appointments take immediate effect.

    Until his appointment, the newly appointed managing director was an Executive Director in charge of North-East and North-West zones of Unity Bank.

    NAN

  • Political will needed to develop Africa, say Dangote, Utomi, others

    Political will needed to develop Africa, say Dangote, Utomi, others

    …NEXIM Bank President presents book on Trade Finance

     

    Business leaders Wednesday said Africa cannot realise its economic potentials without political will.

    Africa’s richest man Aliko Dangote, professor of political economy Pat Utomi and former Cross Rivers State governor Donald Duke said Africa would continue to lag behind unless leaders show more commitment to free trade and revise their strategies.

    They spoke in Lagos at the launch of the book: Foundations of Structured Trade Finance, written by President and Chairman of the Board of Directors of the African Export–Import Bank (Afreximbank) Dr Benedict Okey Oramah.

    Also at the event were former Vice President Namadi Sambo, Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, represented by Mr Femi Edun, former Anambra State Governor Peter Obi and Chairman of Heir Holdings Tony Elumelu, amongst others.

    Dangote said trade within the continent remains difficult due to difficult visa requirements and too many borders.

    According to him, Africa can do a lot more in terms of its ability to produce and export goods.

    He said: “We’re making things difficult for ourselves. I need 38 visas out 54 in Africa, but it is not so in Europe. The regional markets are not working. We need to allow the regional markets work,” he said.

    The industrialist regretted that Africa depends too much on importation to meet local demands, noting that 90 per cent of milk consumed in Nigeria, for instance, is imported. “We need to have a rethink,” he said.

    Utomi said African desperately needs “thought leadership,” adding that military rule adversely affected Africa’s intellectual contribution to development.

    “It’s between life and death. We have to make choices. Afreximbank has an important role in facilitating thought leadership in Africa. You have got to rethink everything. Africa needs to begin to produce,” he said.

    Duke said there needs to be a free trade zone within Africa. Besides, he said African states need to start accepting local currencies as means trade rather than dollars.

    “For instance, you can accept the Rand for the purchase of crude oil. We need to work out mechanisms for trading on our currencies. We need political will to achieve it,” he said.

    Enelamah said the government would continue to provide an enabling environment for businesses to thrive, including helping exporters improve product quality.

    The government, he added, would also carry out a coordinated review of the regime of incentives to replace “pioneer reliefs” with holistic incentives.

    Oramah said the book was written to fill the knowledge gap in trade financing.

    He said: “It became the case that this knowledge, or lack thereof, soon became a determinant of access to trade finance and the pace of economic recovery.

    “Spreading the knowledge was difficult because given that this field of financing evolved from practice, no text books existed, and it did not and still does not feature in the curriculum of universities offering Finance, Economics or Business except in some universities in Europe where special courses have begun to emerge.

    “Given that I had the privilege of hands-on experience in this important subject and had made contributions to its evolution, including articles published in books and as a resource person in seminars and workshops world-wide, transferring and exchanging knowledge on the subject, I thought it a responsibility to document the subject in a book that would deal with the philosophical foundations and the practice.

    “My hope is that with access to the book, the different universities can find ways of beginning to introduce this important subject into their curricular to improve the quality of their Economics, Finance and Banking graduates and make them more employable internationally.”

  • NEXIM Bank,Bauchi partner on investment

    NEXIM Bank is discussing with Bauchi State government on ways of exploring investment opportunities in the state. NEXIM Bank’s Acting Managing Director/CEO, Bashir Wali met with the Governor of Bauchi State, Mohammed Abubakar to discuss areas of collaboration last week.

    Wali said NEXIM will be collaborating with state to boost export-oriented investments in agro-processing, solid minerals, especially under the N500 billion Export Stimulation Facility (ESF) and the N50 billion Export Rediscounting and Refinancing Facility (ERRF).

    Abubakar expressed his appreciation for the august visit and provided a snapshot of Bauchi State, especially its resources and other potentials. According to him, the state covers a total land area of 49,259.01 square kilometres which represents about 5.3 per cent of Nigeria’s total land mass, making it one of the largest states in the country.

    He informed Mr Wali that agriculture is the mainstay of over 80 per cent of people who reside in both urban and rural areas with products ranging from maize, rice, millet, groundnut and guinea corn. Additionally, cattle and other livestock are reared at a commercially viable level.

    In terms of solid minerals, Governor Abubakar indicated that the state has commercial mineral reserves comprising of Amethyst, Gypsum, Lead/Zinc, Uranium, Limestone, Kaolin, Gypsum, Antimony, Iron Ore, Gold, Marble, Columbite and zinc, precious stones like Sulphur, Amities and Aquamarine among others. In addition to this, Bauchi has a manufacturing sector covering Iron and Steel, Water, Ceramics, Food and beverages among others.

    The Governor, however, identified certain constraints that have militated against the commercial exploration of solid minerals in the state. These include the issues of licensing – considering that solid minerals is on the exclusive list; the paucity of data in terms of certification of available deposits; and the need to efficiently organise artisanal mining as well as establish beneficiation centres to boost the solid mineral value-chain in the State.

    The NEXIM boss praised Abubakar for receiving the bank team at short notice, and informed that the Bank was established to promote export diversification and deepening the non-oil export sector.

    Wali used the opportunity to inform the Governor that NEXIM Bank recently launched a N500 billion Export Stimulation Facility (ESF) and the N50 billion Export Rediscounting and Refinancing Facility (ERRF) which were provided as intervention funds by the Central Bank of Nigeria (CBN) as part of efforts of the Federal Government to address the persistent overdependence of the economy on revenue from crude oil export.

  • NEXIM Bank gets CBN’s N300b export stimulation fund

    NEXIM Bank gets CBN’s N300b export stimulation fund

    The Central Bank of Nigeria (CBN) yesterday approved a N300 billion export stimulation fund for the Nigerian Export-Import Bank (NEXIM).

    The bank’s Managing Director,  Robert Onya said  during a visit of the Hon. Jones Onyereri- headed House of Representatives Committee on Banking and Currency, that the bank also got additional N50 billion from the CBN for rediscounting and refinancing of loans obtained by investors from commercial banks, with a one year tenor.

    Briefing the committee members on the activities of the bank over the past five years, the NEXIM chief noted that most of the foreign loans obtained are yet to be utilised due to the dissolution of the NEXIM board, and the non- constitution of a new one.

    He said only $33 million was disbursed from the $200 million African Development Bank (AfDB) facility obtained in 2011 for financing Small and Medium Enterprises (SMEs), because of delay in obtaining approval for Sovereign Guarantee, adding that the Board was dissolved while they were waiting for customers.

    Onya also said only $23.1 million has so far been utilised from the additional $200 million obtained from African Export bank.

    He said the bank has so far paid $10.7 million interest on the $200 million loan obtained from AfDB which is expected to expire by January 21, 2021, in spite of non-utilisation of the loan.

    According to him,  out of the $50 million approved in the first tranche, $8.6 million has been utilised while $11.9 million approved is yet to be accessed and disbursed.

    Onya told the Committee that the bank’s single obligor is $3.6 billion, but the bank reduced it to $1.8 billion so as to make the facilities go round.

    He said the bank is making efforts to recover the non-performing loans prior-2010, which the CBN directed should be put into the Memorandum Account instead of it being written-off.

    On the successes of the bank so far, he said the effort of the new administration to diversify the economy has started yielding positive results as two Nigerian companies have secured multi-million dollar off-take to export gold to China.

    He said Loratt Minerals Limited, Gusau in Zamfara State secured take-off loans valued at $5 million and Issh-Ass Limited, Sokoto got loan worth N100 million, adding that the project is expected to commence by March this year.

    According to him, the bank has generated income totaling N5.6 billion in four years, from its initial N15. 5 billion investment portfolio.

    Hon. Onyerieri urged President Muhammadu Buhari to constitute the board of NEXIM bank so the bank could disburse the un-utilised  funds available which require the board’s approval.

  • NEXIM Bank gets CBN’s N300bn export stimulation fund

    NEXIM Bank gets CBN’s N300bn export stimulation fund

    The Central Bank of Nigeria (CBN) has approved a N300 billion export stimulation fund for the Nigerian Export-Import Bank (NEXIM), Robert Onya, the Managing Director said Monday.

    Onya, who gave the information during an oversight visit of the Hon. Jones Onyereri- headed House of Representatives Committee on Banking and Currency revealed that the bank also got additional sum of N50 billion from the CBN for rediscounting and refinancing of loans obtained by investors from commercial banks, with a one year tenure.

    However, while briefing on the activities of the bank between 2010 and 2015, the NEXIM boss noted that most of the foreign loans obtained are yet to be utilised due to dissolution of the NEXIM board, and the non- constitution of a new one.

    He said only $33 million was disbursed from the $200 million African Development Bank facility obtained in 2011 for financing Small and Medium Enterprises (SMEs), because of delay in obtaining approval for Sovereign Guarantee, and that the Board was dissolved while they were waiting for customers.

    Onya also said that only $23.1 million has so far been utilised from the additional $200 million obtained from African Export bank.

    He said the bank has so far paid $10.7 million interest on the $200 million loan obtained from African Development Bank (AfDB) which is expected to expire by January 21, 2021, in spite of non-utilisation of the loan.

    According to him, out of the $50 million approved in the first tranche, $8.6 million has been utilised while $11.9 million approved is yet to be accessed and disbursed.

    Onya told the committee that the Bank’s single obligor is $3.6 billion, but the bank reduced it to $1.8 billion so as to make the facilities go round.

    He said the Bank is making efforts to recover the non-performing loans prior-2010, which the CBN directed should be put into the Memorandum Account instead of it being written-off.

    On the successes of the bank so far, he said the effort of the new administration to diversify the economy has started yielding positive results as two Nigerian companies secured multi-million dollar off-take to export of gold to China.

    He said Loratt Minerals Limited, Gusau in Zamfara state secured take- off loans  worth $5 million and Issh-Ass Limited, Sokoto got loan worth N100 million and that the project is expected to commence by March 2016.

    According to him, the bank has generated income totaling N5.6 billion in four years, from the initial N15. 5 billion investment portfolio.

    Chairman of the Committee, Hon. Jones Onyerieri urged President Muhammadu Buhari to constitute the Board of NEXIM bank, to allow the Bank disburse the un-utilised  funds available which require the board’s approval.

    The lawmaker while expressing satisfaction with the efforts of the bank urged it to expand its reach to farmers and entrepreneurs in the North-East and other parts of the country hitherto unreached to actualize the economic diversification policy of the Muhammadu Buhari- headed administration.

  • World Bank, NEXIM Bank collaborate on mining sector development

    World Bank, NEXIM Bank collaborate on mining sector development

    The World Bank has pledged to support Nigerian Export-Import Bank (NEXIM Bank) to develop Nigeria mining sector.

    Speaking when a team from the World Bank led by its Senior Mining Specialist, Energy & Extractives Unit, Dr. Francisco Igualada, visited the Managing Director, NEXIM Bank, Mr. Roberts Ungwaga Orya in Abuja, the World Bank chief wondered why Nigeria, with all her huge resources and potentials has continued to earn less than Ghana, Mali and Burkina Faso from mining activities. He blamed the country’s focus on oil and gas for this, arguing that the mining sector is an enabler for manufacturing, services and other sectors. This, he said is in addition to the huge opportunities of job creation, revenue earnings and the development of other support services in the value chain that would have boosted the economy especially with the decline in global oil prices.

    Dr. Igualada said there is need for a structured consolidation of efforts towards developing the sector. This should focus on building the right capacity both at human and institutional levels; as well as establishing and enforcing the requisite legal and policy frameworks. To him, this is the difference between Nigeria and South Africa.

    He said the World Bank has a Public Private Partnership (PPP) arrangement which it could recommend for the development of the solid minerals sector in Nigeria. He stressed the need to revamp efforts and link interventions to develop the sector through arrangements such as the Solid Minerals Fund in addition to renewed involvement by the government. He stated that he will seek the commitment of his office on the development of the mining sector and collaboration with NEXIM Bank, especially in regard to workshop participation and capacity training.

    Welcoming his guests that included Mr. Linus Adie of Mining Investments Consults, Mr. Orya, said NEXIM Bank was set up to assist the government in diversifying the Nigerian economy away from the oil through the provision of export credit facility, risk bearing facilities, trade and market information and export advisory services to export-oriented investors in the manufacturing, agro-processing, solid minerals and services (MASS) sectors.  “The clear intention of the World Bank to collaborate with the NEXIM Bank towards a structured intervention in the Nigeria’s solid minerals sector is quite expedient. Moreso, with the commitment and firm resolve of President Muhammad Buhari to diversify the economy, revitalise the mining sector towards boosting job creation and enhancing foreign exchange earnings,” Mr. Orya said.

    He said Nigeria is endowed with huge solid mineral deposits, with about 34 products identified in commercial quantities in different parts of the country, adding however, that the failure to put in place a structure that will make the benefits of the exploitation available to all has been the bane of the country. The low activity in the solid mineral sector is not yielding the desired financial revenues as there are scanty records of payment of taxes and royalty to the government, he said, lamenting that Nigeria is losing lots of resources from untapped mineral deposit as well as from the little that is being mined mostly by illegal miners who smuggle the products out of the country.

  • NEXIM Bank pledges economic collaboration with Benue Govt

    Benue State and the Nigerian Export Import Bank, NEXIM, have pledged mutual cooperation to boost economic activities in the state.

    Governor Samuel Ortom and Managing Director of the bank, Roberts Orya, made the disclosure when the Governor visited the management team of the financial institution today in Abuja.

    “We shall create the enabling environment for the private sector to thrive in our state and collaborate with you by encouraging our indigenes to do business with you and monitoring them to ensure that repayments are made as at when due,” the Governor said.

    The way to go and be able to get out of the woods is to promote public private partnership to industrialize, encourage micro, small and medium scale enterprises, commercial and trading activities as well as investment, he stressed.

    According to him these were the strong points for which his administration had passion to boost massive jobs, wealth and opportunities for unemployed youths in the state.

    Governor Ortom stated that he was proud that Orya was a good ambassador of the state and Nigeria and commended the management of the bank for adding value to the economic development of the country.

    Earlier, the Managing Director had disclosed that the bank had disbursed over N4b (Four billion naira) as intervention for businesses in Benue State, with the lion share going into food processing.

    He listed areas of intervention as agriculture, manufacturing, solid minerals, and services such as hospitality, tourism, transportation, as well as the entertainment industry.

    “Nexim is desirous of deepening our collaboration with the state particularly in agro-processing,” he stated.

    “We plan to hold our next quarterly Exporter Enlightenment Program where we can give a lot of information to our exporters in Benue State,” he added.