Business Briefs
THE Nigerian Export-Import, NEXIM Bank has signed a Memorandum of Understanding, MoU, with the Yobe State Government to facilitate export-related industrialization. The MoU is also expected to attract investments that would utilise local resource endowments in the state.
The partnership is aimed at creating sustainable economic development in the state as well as fulfill the bank’s mandate of promoting non-oil export development across the country. At a ceremony in Abuja, Abba Bello, managing director of the bank, expressed its willingness to progress partnership opportunities with the state.
Bello said the partnership w0uld drive the bank’s economic diversification efforts and promote the development of exportable agricultural products in the state. He said in a statement signed by Tayo Omidiji, head, strategy and corporate communications, NEXIM Bank, said the Bank had launched the Regional/State Export Development Fund whereby at least N1 billion had been earmarked per state towards developing at least one commodity of export significance in furtherance of the federal government’s objectives under the One State, One Product Programme.
He added that the proposed partnership will also support jobs creation and economic development of the state.
On her part, Stella Okotete, executive director, business development, NEXIM Bank, said the bank’s intervention was targeted at developing all aspects of the export value chain from production to processing, under its new philosophy of PAVE, which stands for Produce, Add Value and Export.
She further noted that the bank had observed the great potential of the state in the production of some agricultural commodities, particularly Sesame seed and Gum Arabic and that NEXIM’s objective is to work with the state towards developing related industries, particularly for the export market, particularly against the background of the increased opportunities under the African Continental Free Trade Agreement, AfCFTA.
Barma Shettima, commissioner for commerce, industry and tourism in Yobe State, expressed the government’s pleasure to collaborate with NEXIM Bank, noting that the state had comparative advantage in numerous agro-allied products and also has vast deposits of premium quality solid minerals out of which the government had identified sesame seed and gypsum for immediate development and value addition for export.
The parties, however, agreed to take immediate steps to operationalize the partnership towards achieving the envisaged benefits.
– Aug. 28, 2020 @ 16:35 GMT |
Tags: NEXIM Bank Yobe State sign export development pact
