NEXIM Bank urges South South states to utilise intervention funds

The Managing Director, Nigerian Export-Import (NEXIM) Bank, Mr Abubakar Bello, has charged investors in the South-South to key into the bank’s N1 billion intervention funds to boost export of non-oil commodities in the region.

Bello gave the charge on Tuesday, in his opening address at the three-day NEXIM Bank South-South Enlightenment and Engagement Forum in Asaba, Delta.

The workshop has a theme; “Maximizing Non-Oil Export Potentials in the South-South Region for Economic Growth”.

Bello said that the South-South had potential in agriculture and deposits of over 45 solid minerals outside oil which had remained untapped.

He expressed optimism that the country’s economy could fare better if the region and indeed other parts of the country could look inward and tap the mineral deposits in their domains.

The managing director said that the essence of the engagement with the people was to reawaken their consciousness and get feedback from existing exporters on their experiences, and to get them to know the opportunities available to them through NEXIM Bank.

“NEXIM Bank created this platform for engagement and useful exchange of views among exporters, bankers, policymakers, service providers and other stakeholders in the non-oil export sector.

“In spite of being blessed with the enormous agriculture, solid minerals and indeed human resources, Nigeria has remained a mono-product economy with oil and gas sector accounting for about 70 per cent of government revenue and 95 per cent of export revenues.

“This has continued to expose the Nigerian economy to the vagaries of global oil market.

“Having realised the limitation, President Muhammadu Bihari, launched the Economic Recovery and Growth Plan (ERGP) with key objective of diversifying the economy and promoting sustainable growth and development.

“To support this programme, the NEXIM Bank also launched the State Export Development Programme and earmarked at least N1 billion to promote the production and value addition of exportable commodities in every state of the federation,” he said.

Bello said that the ongoing programme was expected to provide an avenue for NEXIM Bank to promote existing partnerships and develop new ones towards enhancing and enriching access of Nigerian exporters to its intervention funds.

According to him, exporters and prospective exporters, particularly operators in the Small and Medium Scale sector, will benefit from the capacity building and networking opportunities.

Speakers and resource persons presented papers on several topics at the event.

The topics include “Overview of the Non-oil Export Potentials of the South-South Region: Opportunities and Challenges”, "Strengthening MSME Structure and Capacity Building for Sustainable Growth in the Non-Oil Export” and “One State, One Export Commodity Programme: Update and Partnership Opportunities”.