NEXIM earmarks N6bn for export promotion in Nigeria’s northeast region

The Nigerian Export-Import Bank (NEXIM) Wednesday announced a N6 billion Northeast Intervention Fund to support exporters in the region.

The announcement came after the bank visited the region for an on-site assessment of export-oriented projects in the region.

According to a statement the bank’s delegation was led by Bala Bello, the executive director, corporate services, who represented Abba Bello, the managing director/chief executive, Stella Okotete, the executive director, business development, and other senior management staff.

Okotete said the fund was part of government effort to stimulate exports and rebuild the region.

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

To this end, Okotete encouraged small-scale operators to form themselves into cooperatives to provide the corporate structure that would facilitate their access to the funds, saying the bank had visited the region to conduct an on-site assessment of export-oriented projects for more funding and to sensitise exporters in the region on the N500 billion Export Stimulation Facility (ESF)

She also noted that part of the visit was equally to sensitise people on the N50 billion export development fund (EDF) being implemented by the bank in collaboration with the Central Bank of Nigeria (CBN).

She added that N500 billion 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.