NEXIM bank okays N6bn for northeast exporters


The Nigerian Export-Import Bank (NEXIM) says it has set aside N6 billion as Northeast intervention fund to support exporters in the region.

NEXIM made this known in a statement issued on Wednesday in Abuja.

It said that a delegation from the bank had visited the region for an on-site assessment of export-oriented projects.

The bank said that the delegation was led by the Executive Director, Corporate Services, Bala Bello, who represented the Managing Director/Chief Executive, Abba Bello and was accompanied by the Executive Director, Business Development, Hon. Stella Okotete, and other senior management staff.

Commenting on the fund, the Executive Director, Business Development, Hon.Stella Okotete said the fund was part of government effort to rebuild the region.

She said, “Given the peculiarity of the area, a North-East Intervention Fund has been created with about N6 billion earmarked for exporters in the region.”

Okotete encouraged small-scale operators to form themselves into cooperatives to provide the corporate structure that would facilitate their access to the funds.

She explained that bank had visited the region to conduct an on-site assessment of export-oriented projects for more funding and to sensitize exporters in the region on the N500 billion Export Stimulation Facility (ESF)

Okotete also noted that part of the visit was equally to sensitize people on the N50billion Export Development Fund (EDF), being implemented by the Bank, in collaboration with the Central Bank of Nigeria (CBN).

She added that N500bn Export Stimulation Facility was available to export-oriented projects, under a scheme coined Produce, Add Value and Export (project PAVE), which encouraged entrepreneurs, particularly those in the Agricultural Value Chains.