July 27, 2018NewsNon-oil Exports
Over N25 billion is to be disbursed to exporters of agricultural and value-added products by the Nigerian Export-Import Bank (NEXIM) following Thursday’s review of applications under the Export Development Fund (EDF) by the Board of Directors.
Those who submitted applications for stocking facilities and working capital to enable them execute their export contracts are among the successful applicants, managing director of NEXIM bank Mr. Abba Bello said.
“These projects, which are distributed across the country with nation-wide impact, cut across various sectors/industries including cocoa, cashew, sesame seed, gum arabic and leather products,” Bello said, adding that “disbursements will commence immediately to maximize the benefits of the export season towards achieving the economic diversification objectives of the administration of President Muhammadu Buhari under the Economic Recovery & Growth Plan (ERGP).”
The total amount approved is expected to support about 15,000 direct and indirect jobs and facilitate foreign exchange inflow of about $100 million from non-oil exports.
It would be recalled that earlier in the year, the CBN established the N50 billion Export Development Fund, to be disbursed at single digit rate, which is currently being managed by NEXIM.
Following the inauguration of the new Board in March 2018, the Minister of Finance, Mrs. Kemi Adeosun, charged the members to hit the ground running in order to ensure that the institution achieves its mandate of diversifying the foreign exchange earnings of Nigeria’s economy.