EXPORTERS of economic products in Nigeria’s troubled northeast region have been provided additional economic advantage to export their products. Nigerian Export Import Bank, NEXIM, said it has set aside six billion naira as intervention fund to support exporters in the region.
NEXIM Bank statement, Wednesday, in Abuja, said the bank’s delegation led by Bala Bello, Executive Director, Corporate Services, who represented the Managing Director and Chief Executive, Abba Bello, visited the region for on-site assessment of export oriented projects.
On the delegation was Stella Okotete, Executive Director, Business Development, and senior management staff. The statement quoted Okotete saying that the fund was a provision by NEXIM Bank to support government’s efforts in rebuilding the region.
Okotete said: “Given the peculiarity of the area, a North-East Intervention Fund has been created with about N6 million earmarked for exporters in the region.” She advised small scale business operators to establish cooperatives to provide the structure that would enable them access the funds.
NEXIM Bank statement said the bank’s visit to the region was also to sensitize exporters on N500 billion Exports Stimulation Facility, ESF, as well as N50 billion Exports Development Fund, EDF, been implemented by NEXIM Bank in collaboration with Nigerian Central Bank of Nigeria, CBN.
Okotete said N500bn Exports Stimulation Facility was available to export oriented projects, under a scheme coined “Produce, Add Value and Export [Project PAVE]”, which encourages entrepreneurs, particularly those on Agricultural Value Chains.