NEXIM promotes non-oil export with N70b

NIGERIAN Export Import Bank (NEXIM) has disbursed about N70 billion to support over 900 export projects in the Small and Medium Scale Enterprises (SMEs) since inception.

Besides, the bank has committed N28.84 billion as intervention funds for the exportation of Nigerian products in the last seven years.

According to the bank, there has been consistent increase in its contribution to promotion of export in Nigeria since 2005.  In 2005, the bank contributed N1.7 billion; N5.66 billion in 2006; N6.2 billion in 2007; and N6.3 billion in 2011.

Speaking at the Lagos Exporter Enlightenment Forum yesterday in Lagos, the Managing Director of the bank, Roberts Orya,
disclosed that South West continued to be the foremost beneficiary of the bank’s intervention fund.

According to him, during the period of 2005 to 2011, the bank intervened in the region in the sum of N16.4 billion, which he said, translating to 57.04 per cent of the bank’s total intervention of N28.8 billion during the period.

Orya disclosed that the country’s aggregate exports increased by 32.1 per cent to N11.03 trillion in 2010.

He explained that crude oil contributed 87.6 per cent, gas, 8.8 per cent; and non-oil exports, 3.6 per cent respectively.

The NEXIM boss added that the South West region is richly endowed in agriculture, solid minerals and human capital.

He stated: “It (South West) is no doubt the commercial hub of the country and by far the most industrialised region.  However, the export potential of the states are far from being significantly tapped”.

Speaking on the challenges facing the country’s non-oil export sector, Orya said that agricultural production is still characterised by poor farming system and limited adoption of improved technology.

He listed other challenges to include limited knowledge/technology processing and packaging of semi-manufactured goods to meet international standards, poor infrastructure and poor access to finance at all stages across the export value chain.