The Nigerian Export-Import (NEXIM) Bank plans to provide buyer-credit facilities to potential buyers of Nigerian non-oil products.
The initiative is expected to boost exports and deepen transactions with the nation’s trading partners, particularly those in the West- Africa region.
Buyers credit is a financial arrangement in which a bank or financial institution, or an export credit agency in the exporting country, extends a loan directly to a foreign buyer, or to a bank in the importing country, to pay for goods and services from the exporting country.
NEXIM Bank Managing Director, Roberts Orya, said that the initiative is to make Nigeria’s non-oil exporters more competitive in the marketplace and enable them have an edge over their peers by 2015.
According to him, NEXIM Bank is discussing with its shareholders, the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance, to get them to enhance the bank’s share capital so that they can use part of it to begin to offer buyer credit facilities.
Copyright 2017 Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.