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The Nigerian Export-Import Bank (NEXIM) has approved the disbursement of loans totalling N25 billion in support of various projects in the non-oil export sector. The approvals were granted at the meeting of the Board of Directors of the Bank, which held on Thursday, July 26. The approved applications were under NEXIM’s Export Development Fund (EDF).

Beneficiaries of the loan include exporters of agricultural and value-added products, who submitted applications for stocking facilities and working capital to enable them execute their export contracts.

These projects, which are distributed across the country with nation-wide impacts, cut across various sectors and industries including cocoa, cashew, sesame seed, gum arabic and leather products.

The total amount approved is expected to support about 15,000 direct and indirect jobs, and facilitate foreign exchange inflow of about $100 million from non-oil exports.

According to the statement by the Managing Director and CEO of NEXIM, Abba Bello, disbursement will commence immediately to maximize the benefits of the export season towards achieving the economic diversification objectives of the administration of President Muhammadu Buhari under the Economic Recovery and Growth Plan (ERGP).

The N50 billion Export Development Fund, currently being managed by NEXIM, was established by the Central Bank of Nigeria to be disbursed at single digit.

The Minister of Finance, Kemi Adeosun, at the inauguration of the new board in March 2018, charged it to hit the ground running to ensure that the institution achieves its mandate of diversifying the foreign exchange earnings of the Nigerian economy.

NEXIM is the Export Credit Agency of the Federal Government of Nigeria, owned equally by the CBN and Federal Ministry of Finance Incorporated. NEXIM is mandated to promote Nigerian non-oil exports. In this regard, the development finance institution has been focusing on the Manufacturing, Agriculture, Solid Minerals and Services sectors.

In a recent exclusive interview with Financial Nigeria, Mr. Abba Bello said NEXIM is working to move Nigeria up the value-chains of non-oil exports, helping Nigerian producers and exporters to shift from exportation of primary products to manufactures and secondary products.