The Nigerian Export-Import Bank (NEXIM) has signed a Memorandum of Understanding (MoU) with the African Export-Import Bank in Cairo, Egypt.
The MoU signed during the inaugural Intra-African Trade Fair is for the disbursement of $1 billion credit facility to exporters in Nigeria and other West African countries.
A statement from NEXIM Bank on Monday noted that the MoU would be implemented under the Nigeria-Africa Trade and Investment Promotion Programme to support trade and investment flows between Nigeria and other African countries.
According to the bank, under the agreement, AFREXIM will provide $1 billion Line of Credit, which will be disbursed by NEXIM to qualifying beneficiary projects and transactions in support of intra-African trade and investments.
NEXIM said the fund is available to support the growth of trade between Nigeria and other African countries with special emphasis on value addition, particularly in primary goods and commodities.
The statement said the $1 billion would assist in enhancing local earnings and jobs creation.
The fund, it added is also available to support capital and investment flows as well as projects being sponsored by Nigerians in other countries.
While speaking during the signing, the Managing Director/Chief Executive of NEXIM, Abba Bello, said the deal would go a long way in boosting access of Nigerian exporters to investment capital and investment guarantee instruments, including the Small & Medium Enterprises.
He said through the pact, the bank would be able to promote intra-African trade and increasing the volume of formal trade.
In implementing this programme, Bello also highlighted that NEXIM would be working with all stakeholders, including exporters, investment partners as well as other financial institutions, both domestic and foreign to realize the NATIPP programme objectives.