Nigeria seeks NEXIMs support on ECOWAS trade

(Premium Times, Abuja, 24 August 2013) The Federal Government on Friday asked the Board of the Nigeria Export-Import Bank (NEXIM) to support Nigeria in maintaining its leading position as the powerhouse in regional trade in West Africa... Mr. Ngama, Minister of State for Finance, said last year was the third time in a row that the bank was posting profit on its balance sheet and declaring dividends to its shareholders; a development that has put the bank on a path of sustained profitability. He said the management has also taken steps to clean up the balance sheet through the establishment of Debt Recovery Task Force which recovers bad debts and write-off irrecoverable legacy loan. He added that efforts have been made to improve the credit culture through training and enforcement of strict credit evaluation processes. However he asked the board to work towards securing a credit rating that would enable the bank go out and source for funds and increase its capital base.