Nigerian Export-Import Bank to collaborate with Central Bank to revamp ailing industries and boost non-oil exports

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THISDAY reports that the in collaboration with the Central Bank of Nigeria and other financial institutions, the Nigerian Export-Import Bank said it will implement two intervention schemes to revamp ailing industries and enhance their contributions to non-oil exports in the country.

The intervention scheme which are in two categories, will be predicated on NEXIM bank’s broad philosophy of “Produce, Add Value and Export” (PAVE) policy in line with the diversification strategy of federal government as enunciated in the Economic Recovery and Growth Plan (ERGP).

Abba Bello, the Managing Director of NEXIM bank, who spoke in Katsina state during a two-day exporters’ enlightenment forum, said the bank’s objective was to support export-oriented projects in all parts of the country.

Abba noted that besides revenue volatility, the oil sector is incapable of supporting inclusive economic growth that would provide jobs and economic opportunities for the country’s teeming population, hence the initiative.

According to the Managing Director, “our plan is to assist indigenous producers to optimise capacity and also move up the value chain to produce finished products. We have observed that the north-west is quite rich in agricultural and mineral endowments and therefore has the capacity to benefit significantly under the programme”.

He noted that “a portion of the Export Development Fund has also been set aside to support industries that are major employers of women and youth under a special economic empowerment scheme for the vulnerable groups”.

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