A statement released by the Nigerian Export-Import Bank (NEXIM) revealed that it has disbursed about 22 billion naira to exporters in the non-oil sector in the last one year.
Through several interventions, NEXIM said it has facilitated the creation and sustenance of about 2,039 direct jobs, in addition to many indirect jobs and foreign exchange earnings of about $267 million annually.
NEXIM revealed that the beneficiaries of its effort include exporters of agricultural commodities and value-added products distributed across the country with nation-wide impact, cutting across various sectors/industries, including cocoa, cashew, sesame seed, gum Arabic and leather products.
The bank noted that it has recorded a quantum leap in its financial indices, with a profit of about 2.09 billion naira recorded in 2018, from a loss position in 2017. It also stated its balance sheet size also doubled from about 61 billion naira in 2016 to about 117 billion naira in 2018 and was projected to increase to 190 billion naira by December, 2019.
NEXIM’s efforts to develop the non-oil export sector is currently structured along six initiatives, which include support for critical agricultural commodities, particularly in products where the country has high comparative advantage. This is to minimise informal trade and boost the country’s export footprint.
The Bank has been supporting services export in the areas of the creative economy, business process outsourcing, professional services as well as medical tourism towards saving about $1 billion lost annually to foreign trips by Nigerians.
It noted that having realised the important contributions of the small and medium enterprises (SME) sector and the need to integrate many of the small traders into the formal sector, the Bank has been partnering with other stakeholders, under the auspices of FSS 2020 to develop the regulatory and legal framework for Factoring business in Nigeria.
NEXIM’s intervention is also targeted at state/regional development through its one-state-one export commodity programme, whereby at least 1 billion naira has been earmarked to develop one or two identified exportable commodities towards achieving the zero oil plan of the Nigerian government and promoting inclusive economic growth.