NEXIM Bank disburses N24bn to SMEs in one year

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NEXIM
NEXIM

THE Nigerian Export Import Bank, NEXIM, said it has disbursed over N24 billion for small and medium enterprises, SMEs, SMEs, in the past one year. NEXIM also approved applications worth N55 billion to non-exporters within the period.

Tayo Omodiji, head, corporate communications, NEXIM, said with the signing of the African Continental Free Trade Agreement, AfCFTA, by Nigeria, the bank has strengthened measures towards deepening regional trade. Omodiji in a statement said the bank was ready to create more opportunities for MSMEs and integrate the informal traders into the formal sector.

“Having recognised that more of Nigeria’s manufactured products are traded in the regional market, the Nigerian Export-Import Bank, few years ago, launched the ECOWAS Trade Support Facility, ETSF, to boost SMEs access to funds, increase formal trade and improve the payment system.

“The Bank also spearheaded the decision to establish the sea link project to improve transport and logistics support for regional trade. As a strategic objective, the bank seeks to grow its intervention in the regional market to about 60 percent of its loan portfolio in furtherance of the Nigerian Industrial Revolution Master Plan, NIRP, which seeks to make Nigeria the production hub of light manufacturers in the region,” he said.

Omodiji said the bank had also participated at the second edition of the National MSME Award in which it is one of the key partners to further facilitate interventions to small businesses. He stressed that since the commencement of the MSME clinics, NEXIM has participated in all the programmes, which has so far been held in 22 states of the federation, including the Federal Capital Territory.

“The Bank has also collaborated towards the establishment of One-Stop Shops, designed to attend to enquiries of MSMEs on an on-going basis, in addition to contributing to the establishment of Common Facility Centres, where SMEs could have access to modern machinery and equipment, thereby helping them to upscale and enhance the value of their products.

“NEXIM, being a major partner was the sponsor of the price for the most outstanding Male MSME Clinic Partner in 2019, which is one of the Star Prices for the second edition of the award programme. Last year, the bank sponsored the price for the best MSME in the agricultural sector.

Being an agency of government, which prides itself as the trade policy bank of Nigeria, NEXIM offers credit and risk bearing services to support non-oil exports from Nigeria, thereby helping to diversify the economy from the dominance of crude oil exports,” he said.

– Aug. 9, 2019 @ 18:15 GMT |

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