The Nigeria Export and Import Bank encourages business people involved in exportation to take advantage of its single digit interest rate loan

THE Nigeria Export and Import Bank, NEXIM Bank, has called on businessmen and women, who are into export business in Ondo State, to take advantage of the N500 billion loan that the federal government is offering at a single digit interest rate. Stella Okotete, executive director, NEXIM Bank, said if the business owners in the state were ready, the bank too was ready to give out the entire N500 billion to them for the promotion of their export business.

Okotete stated this at a meeting by the management of the bank with the stakeholders in Akure, the state capital, adding that the loan was part of the efforts of the Federal Government to encourage exportation of goods and services made in Nigeria.

According to her, under the lender’s new management, it now takes about 23 days to finalise the loan process. She explained that the bank could advance a minimum of N50 million and a maximum of N100 million to any interested business owner.

“We are concentrating more on export than import; we only assist to drive export in this country. The interest rate is between five and nine per cent. Hopefully, we will still come down more on the interest rate when our creditors pay back the facilities. Some creditors in Ondo are yet to pay back; we want to appeal to them to pay back; we don’t want people to see these facilities as national cakes. They should pay back so as to let others have the opportunity to assess the facilities,” she said.

In his remarks, Akin Olotu, senior special adviser to the Ondo State Governor, said the government had been encouraging cocoa farming, production and exportation. According to him, the state has commenced massive planting of new cocoa seedlings, starting with 500,000, with the hope to hit one million seedlings.

– Mar. 16, 2018 @ 14:45 GMT |