NEXIM Bank Approves N25b Loan for Non-Oil Exporters

By Modupe Gbadeyanka

A loan facility worth N25 billion has been approved for the non-oil export of the Nigerian economy.

The credit facility was approved by the Nigerian Export-Import Bank (NEXIM) and would be given to those who export agro-allied products as well as value-added goods.

Chief executive of NEXIM, Mr Abba Bello, who announced this N25 billion loan, said beneficiaries would be drawn from across the country.

He emphasised that the loan will in no small way have a huge impact on the nation’s economy and help support the government’s diversification agenda.

The NEXIM chief said the credit facility is expected to support about 15,000 direct and indirect jobs and facilitate foreign exchange inflow of about $100 million from non-oil exports.

According to him, the loan would be disbursed to exporters who submitted applications for stocking facilities and working capital to enable them execute their export contracts.

“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,” he said.

Mr Bello disclosed that the loan “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).”