NEXIM Bank to revamp ailing industries, boost non-oil exports

The Nigerian Export-Import Bank (NEXIM) in collaboration with the Central Bank of Nigeria and other financial institutions, have said it will implement two intervention schemes to revamp ailing industries and enhance their contributions to non-oil exports in the country.

The intervention schemes, according to the bank are in two categories, predicated on its broad philosophy of “Produce, Add Value and Export” (PAVE) policy in line with the diversification strategy of federal government as enunciated in the Economic Recovery and Growth Plan (ERGP).

Speaking in Katsina State, during its two-day exporters’ enlightenment forum on Tuesday, the Managing Director of the Bank, Abba Bello, said the bank’s objective was to support export-oriented projects in all parts of the country.

He reaffirmed that besides revenue volatility, the oil sector is incapable of supporting inclusive economic growth that would provide jobs and economic opportunities for the country’s teeming population, hence the initiative.
“Our plan is to assist indigenous producers to optimise capacity and also move up the value chain to produce finished products.

“We have observed that the north-west is quite rich in agricultural and mineral endowments and therefore has the capacity to benefit significantly under the programme.

“A portion of the Export Development Fund has also been set aside to support industries that are major employers of women and youth under a special economic empowerment scheme for the vulnerable groups,” he explained

Also speaking, the Katsina state Governor Aminu Bello Masari, represented by the state Commissioner of Commerce and Industries, Abubakar Yusuf said government established an investment promotion agency to collaborate with NEXIM to enhance exportation of commodities from the state.

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