Nigerian Export-Import Bank
(NEXIM) has called onexportoriented
Small and Medium
Entrepreneurs in the Southeast
and Delta States to access the
N500 billion Export Stimulation
Facility (ESF), and the N50 billion
Export Development Fund being
managed by the Bank to boost
their businesses, create more
jobs, and contribute to the foreign
exchange revenue earnings of the
country.
This call was made in a
statement by the Managing
Director and CEO of NEXIM, Mr.
Abba Bello, and made available
by the Bank’s Enugu Regional
Office after a one-day seminar
on “leveraging nexim bank
facilities to unleash your export
potential.” The seminar held at
the Oaklands Centre, Enugu,
organised by the Bank and the
SME Centre, Enugu.
The facilities were made
available to NEXIM Bank last
December and will lend at a
maximum of 9% interest rate.
Theyfunds weredesigned to
redress the declining export
credit to SMEs and reposition
the non-oil sector to increase its
contribution to the country’s
revenue generation and economic
development. The improved
export financing for non-oil
exporters will enable them
to upscale and expand their
businesses and improve their
competiveness.
Speaking on behalf of the Bank’s
MD/CEO, the Head of the Bank’s
Enugu Regional Office, Mr.
Chinedu Moghalu stated that the
funds are being made available to
the NEXIM by the Central Bank
of Nigeriaat a time the Bank has
decentralized its operations to
all the regions of the country for
easier accessibility of its products
and servicestomaximize
theirimpacts. According to
him,“NEXIM Bank is determined
to ensure these funds achieve
the desired impact of triggering
non-oil export development,
growth and economic progress
in line with its mandate as the
Trade Policy Bank of the Federal
Governmentandthe applicable
CBN guidelines for the
implementation of the facilities.”
The representative of the Enugu
State Governor and Special
Assistant on SME Development,
Honourable AnayoAgu, stated
that the programme has come at
the right time. According to him,
“the opening of NEXIM Bank
Regional Office for the Southeast
and Delta States in Enugu, and
the invitation to the SMEs to
access affordable non-oil export
facilities,had been the missing
link in the efforts of various
Governments in the region
to derive maximum benefits
from their investments in the
SME value chain, especially in
the agriculture and other nonoil
sectors. It provides us the
platform to reach heights we
could only dream about before
now.”
Theobjectives of the ESF as
contained in theCBN guidelines
are to: a) Improve access of
exporters to concessionary finance
to expand and diversify the nonoil
export baskets; b) Attract new
investments and encourage reinvestments
in value-added nonoil
exports production and nontraditional
exports; c) Shore up
non-oil export sector productivity
and create more jobs; d) Support
export oriented companies to
upscale and expand their export
operations as well as capabilities;
e) Diversify and increase the level
of contribution of non-oil exports
revenue towards sustainable
economic development; and
f) Broaden the scope of export
financing instruments.
The transactions permissible for
funding under the ESF include,
export of goods wholly or partly
processed or manufactured in
Nigeria; export of commodities
and services, which are
permissible and excluded under
existing export prohibition list;
imports of plant and machinery,
spare parts and packaging
materials, required for export
oriented production that cannot
be produced locally.
Other businesses eligible
under the ESF are export value
chain support services such as
transportation, warehousing and
quality assurance infrastructure;
resuscitation, expansion,
modernization and technology
upgrade of non-oil exports
industries. Stocking facility and
working capital can also qualify
for funding under the ESF.
Potential applicants to the ESF
can either send their requests
through their local commercial
banks or directly to NEXIM
as the revised CBN guidelines
assigns the Bank a dual role of
both manager and participating
financial institution.
The N50 Billion Export
Development Fund will be
managed by NEXIM and
implemented in collaboration with
the State governments. NEXIM
has earmarked at least N1 billion
for each State under the State
Export Development Programme
component aimed to catalyse and
incentivize export investment
to promote diversification and
industrialization.
Through the Programme,
NEXIM Bank will also have a
programme for Women/Youth
Development,especially to
provide support to industries
that are involved in Apparel/
Garmenting, Cashew, Shea, etc.
The Central Bank Governor,
Mr. Godwin Emefiele had stated
at the announcing of the funds
in December 2017 that the ESF
can also be implemented by
adapting the Anchor Borrowers
Programme framework while
promoting the PAVE initiative.
According to Moghalu, “The
overall aim of the ESF and EDF
is to lower the costs of Nigerian
exporters so that their products
can be priced at a level where they
can compete with other products
around the world.”
The NEXIM Bank Regional head
urged eligible export-oriented
companies in the Southeast and
Delta States with permissible
transactions under the schemes
to participate in the funding
scheme by submitting proposals
for consideration through the
financial institutions of their
choice or directly to NEXIM Bank.
He emphasised that as Nigeria’s
sole export credit agency, NEXIM
Bank remains the only window
through which the Government
can provide export financing for
non-oil products and services.
Thanking the participants
and other stakeholders on
behalf of the NEXIM MD, Mr.
Moghalu gave assurance that the
Bank is committed to working
assiduously, in line with its
mandate, to fully realise the
objectives of the schemes and
stated a readiness to provide
the necessary advice, additional
information or clarifications as
may be required.
He thanked the Nigerian Export
Promotion Council (NEPC), the
Manufacturers’ Association of
Nigeria (MAN), the commodity
associations and other organised
private sector for their relentless
technical support, partnership
and collaboration as well as the
commitment to work with the
Government and private sector in
Nigeria to diversify the economy,
create jobs, boost industrial
production and exports.
Other participants at the seminar
were Southeast Government
officials; representatives from the
members of various chambers of
commerce and industries; SME
professionals in the banking
sector; as well as the media.
Copies of the Guidelines could
be obtained on the CBN website
www.cenbank.org or NEXIM
website www.neximbank.com.
ng ,while enquiries could be
forwarded to us on [email protected]
neximbank.com.ng.
Contacts: Chinedu Moghalu
(0808-835-3804; [email protected]
neximbank.com.ng)
ChukwuemekaOg b o n n a
Bu$in€ss
NEXIM Bank urges SMEs in Southeast, S/South
states to access N550bn export facilities
33
By Kehinde Ibrahim, Lagos
L-R: John Ugbe, Managing Director, Multichoice Nigeria; Fela Ibidapo, Group Head, Corporate Communications, Heritage Bank and Martin Mabutho,
General Manager, Marketing & Sales, Multichoice Nigeria, during the launching of Big Brother Naija- Season 3, which Heritage Bank is one of the lead
(08035951008; [email protected]
neximbank.com.ng)
About NEXIM Bank – The
Nigerian Export-Import Bank
(http://neximbank.com.ng) was
established by Act 38 of 1991 as
an Export Credit Agency with the
broad mandate of promoting the
diversification of the Nigerian
economy and deepening the
external sector, particularly the
non-oil export sector through the
provision of credit facilities in
both local and foreign currencies;
risk-bearing facilities through
export credit guarantee &
export credit insurance as well
as business development and
financial advisory services etc.
In pursuit of its mandate of
promoting export diversification
and deepening the non-oil export
sector, the Bank’s current strategic
initiatives are targeted towards
boosting employment creation
and foreign exchange earnings
in the Manufacturing, Agroprocessing,
Solid Minerals and
Services (Tourism, Transportation
and Entertainment) sectors.
NEXIM Bank embraces the
exchange of information on best
practices in trade and project
finance as an important value
addition to its operations.

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