Nexim Commits N11bn to Non-oil Exports
- By Simeon Ogoegbulem
- Published June 6th, 2011
- News
- Unrated
A total of N10.14 billion was committed to the funding of non-oil exports last year by the Nigeria Export Import (Nexim) Bank. The bank also granted risk bearing facilities of about $27.3 million to three projects during the period. Roberts Orya, managing director of Nexim, said the specialized bank has in the last four years been able to support the non-oil sector to the tune of N15.04 billion and we have been able to generate over $200 million (about N30 billion). Orya stated that the strategic projection of the bank is to provide about N94 billion to support the non-oil sector.
His words: “In 2011, we are looking at Nexim foreign intervention of N37 billion and progressively to N94 billion by 2015. In 2012 we are looking at N41 billion; in 2013, N50 billion; in 2014, N63 billion and in 2015, N94 billion.
Orya further disclosed that Nexim provided N1.1 billion to five companies for value added processing of cassava to chips and glucose syrup, under the cassava processing export promotion initiative.
He assured that ”in the process, we are conserving about $5 million in foreign exchange in terms of what would have been imported even as the projects have created a lot of jobs for Nigerians and we expect that more will be done in that regard.
According to him, “the bank is interested in supporting this because the demands for these products locally are quite amazing and we believe that our continued support will be able to sustain those jobs that are there and even create more.”
Orya said the bank is committed to enhancing trade within and outside the African sub-region, noting that the bank’s role in charting Africa’s leadership in trade is essentially becoming the largest facilitator of trade in Africa with international trade in Nigeria’s non-oil export and total African exports attaining a minimum of 15 per cent and 20 per cent of total Nigerian exports of current levels of 10 and 15 per cents.
His words: “In 2011, we are looking at Nexim foreign intervention of N37 billion and progressively to N94 billion by 2015. In 2012 we are looking at N41 billion; in 2013, N50 billion; in 2014, N63 billion and in 2015, N94 billion.
Orya further disclosed that Nexim provided N1.1 billion to five companies for value added processing of cassava to chips and glucose syrup, under the cassava processing export promotion initiative.
He assured that ”in the process, we are conserving about $5 million in foreign exchange in terms of what would have been imported even as the projects have created a lot of jobs for Nigerians and we expect that more will be done in that regard.
According to him, “the bank is interested in supporting this because the demands for these products locally are quite amazing and we believe that our continued support will be able to sustain those jobs that are there and even create more.”
Orya said the bank is committed to enhancing trade within and outside the African sub-region, noting that the bank’s role in charting Africa’s leadership in trade is essentially becoming the largest facilitator of trade in Africa with international trade in Nigeria’s non-oil export and total African exports attaining a minimum of 15 per cent and 20 per cent of total Nigerian exports of current levels of 10 and 15 per cents.
