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NEXIM bank set to inject N500b export development fund to rescue indigenous firms


The Nigerian Export-Import Bank (NEXIM) is preparing to disburse a N500 billion Export Development Fund to encourage industrial development and facilitate economic diversification.

Besides the N500billion, the bank has earmarked a separate N50 billion for agricultural development across the 36 states of the federation, including Abuja.

The Managing Director/ Chief Executive of NEXIM bank, Alhaji Abba Bello, said yesterday during an assessment tour of Challawa, Bompai and Sharada Industrial areas in Kano State that his organisation could not afford to see indigenous industries that are export-oriented collapse, due to dwindling working capital.

On agriculture, he said N1billion will be made available to each state for the massive cultivation of a crop for which it has a comparative advantage over other states .

Furthermore, Bello explained that the Bank is out to assist those companies that have in one way or the other benefitted from the services and facilities of the bank in their quest to expand their business operations to cover their value chain.

Prominent among the industries visited include, Dutse Granite Company Limited, Sharada, which produces marbles and granites of international standard, which is expected to be commissioned before the end of the year.

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