NEXIM urges Edo state exporters to access export funds

The Nigerian Export Import Bank (NEXIM) has urged exporters in Edo state to access its N50 billion Export Development Fund (EDF) to boost non-oil revenues of the state.

It said aside the N500 billion Export Stimulation Facility and the N50 billion Export Development Fund, which the bank was implementing with the CBN, exporters in the state could also be accommodated under the N5 billion Niger-Delta Development Fund.

Abba Bello, managing director of NEXIM, disclosed this in a statement signed by Tayo Omidiji, head, strategy and communications, in Abuja, on Wednesday.

Bello said the N5 billion Niger-Delta Development Fund is about to be launched in partnership with the Niger-Delta Development Commission.

He said the bank observed that besides oil, Edo State had significant agricultural endowment with large plantations of cocoa, oil palm, and rubber, among others.

NEXIM’s objective is to assist the state to develop its non-oil export potentials as there was a wide scope for collaboration and partnership between Edo State and NEXIM, Bello said, adding that the bank could facilitate the drive to attract foreign investment and increase access to long term concessionary funds through its relationship with other EXIM banks and bilateral/multilateral financial institutions.