The Acting Managing Director/Chief Executive, Nigerian Export Import Bank (NEXIM), Bashir Wali recently unveiled the implementation modalities of the N500 billion Export Stimulation Facility and the N50 billion enhancement on the Rediscounting and Refinancing Facility.
He said over the past few months, the NEXIM Bank has been working with the Central Bank of Nigeria (CBN) to review existing policies and strategies towards increasing funding support and stimulating additional investments in the non-oil export sector. He explained that during the course of this review, the bank has also met with various stakeholders, including exporters, commodity associations, bankers, the Organised Private Sector (OPS) and other relevant government agencies to obtain strategic inputs and share perspectives towards achieving the common objective of diversifying the economy.
Wali said the approval of the two intervention funding schemes and release of the operating guidelines by the CBN represent the result of NEXIM Bank’s collective efforts. He noted that with the release of the guidelines and commencement of the schemes, Nigerian exporters and export-oriented businesses will now seize the opportunity to expand and upscale their operations towards boosting the current low contribution of non-oil exports, which has remained at about five per cent over the years. “Let me also add that besides the issues of availability and access to funds, we have also intensified our collaborations and engagements with relevant institutions and stakeholders towards addressing other challenges affecting the export sector such as the problems of infrastructure, issues of packaging and labelling as well as improving access to market,” he said.
According to him, the event was meant to create a forum for discussion of the implementation modalities, the role of all participants and the expected outcomes from the successful implementation of these schemes.