Nigeria Export-Import Bank Disburses Over N420 Billion to Support Non-Oil Exporters

Strategic Insights -

Nigeria Export-Import Bank's (NEXIM) Managing Director, Abubakar Bello, has announced that the bank has disbursed over N420 billion to support non-oil exporters, generating approximately 12,000 direct jobs and thousands more along the value chain. This move is part of the bank's effort to stimulate the non-oil export sector and contribute to the country's economic diversification.

Key Takeaways:

  • The NEXIM bank has disbursed over N420 billion through its Export Development Facility (EDF) to support small and medium-sized exporters, with a focus on single-digit interest rates.
  • The EDF financing is a N150 billion debenture from the Central Bank of Nigeria (CBN) to the NEXIM bank, with the objective of stimulating the non-oil export sector.
  • The bank has released N137 billion to NEXIM bank, with over N420 billion disbursed, which is close to NEXIM Bank's total assets.
  • The number of direct jobs created is in the region of 12,000, in addition to thousands of indirect jobs created along the value chain through the bank's plants financing.
  • NEXIM bank prioritizes women and young entrepreneurs in its lending programs and has eased collateral requirements to encourage more participation.
  • The bank emphasizes the importance of promoting value addition in non-oil exports to strengthen foreign exchange earnings.
  • Nigeria's non-oil exports have seen a rise in value since 2017, due to NEXIM Bank's deliberate policy of value-addition infusion in all exported products.

Statistics:

  • N420 billion disbursed by NEXIM bank to support non-oil exporters.
  • Approximately 12,000 direct jobs created through NEXIM bank's programs.
  • Thousands of indirect jobs created through the bank's plants financing.
  • N137 billion released to NEXIM bank.
  • N150 billion debenture from CBN to NEXIM bank.
  • 70% of Nigeria's population comprised of young people.
  • Nigeria's target GDP of $1 trillion by 2030.

Sources:

  • "NEXIM Disburses N420b to Support Non-Oil Exporters." PREMIUM TIMES.