NEXIM promotes Nigerian Non-oil Exports for Fiscal Sustainability

(This Day, Lagos, 8 May 2022) Amidst the present administration’s current efforts aimed at diversifying the base of the Nigerian economy from the perils of oil, the need to provide adequate funding and attention to the non-oil export sector cannot be over-emphasised. Analysts have contended that most of the economic challenges bedeviling the country could simply be addressed by boosting local production and strengthening its non-oil export potential. Abba Bello, Head of the Nigerian Export-Import Bank (NEXIM), notes that its Export Development Fund (EDF) had led to the processing of 442 Applications worth N461 billion and $43.69 million, out of which N214.65 billion had been approved while N153.03 billion had been disbursed to 101 beneficiaries, as well as approvals totaling N55.85 billion which were undergoing the pre-disbursement process. Bello said so far, $492.97 million and €1.17 million, translating into N196.32 billion, have been received as export proceeds from projects that have repatriated their income, while others are yet to complete the transaction circle, adding that many of the institutions supported by the bank now feature on the list of top 100 exporters published annually by the Central Bank of Nigeria (CBN). NEXIM Bank is further taking steps to position Nigerian exporters to benefit from the unfolding opportunities offered by AfCFTA (African Continental Free Trade Agreement), following the recent exit of Britain from the European Union and the prospects in other regions. The bank is therefore taking measures to increase its funding capacity towards boosting lending support thereby increasing foreign exchange earnings for the country and facilitating employment generation.