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Exporters get N107.4bn loan from NEXIM Bank

By on July 1, 2015

The Nigerian Export Import Bank on Monday said it had given a total loan of N107.48bn within the last 24 years to Nigerian exporters.

The Managing Director, NEXIM Bank, Mr. Robert Orya, gave the figure in Abuja during a presentation made when the Governor of Benue State, Mr. Samuel Ortom, visited the bank.

Orya said through the disbursement of the amount, the bank had been able to create 64,096 direct jobs, as well as facilitate foreign exchange generation to the tune of $1.36bn annually during the period.

He said the intervention from the bank was targeted at four major sectors of the economy. They are manufacturing, agro processing, solid minerals and services.

Orya said since August 2009 when he became MD of the NEXIM, a total disbursement/guarantees of N47.18bn had been made.

This amount, according to him, has been able to facilitate the creation of 27,917 direct jobs thus generating foreign exchange of $378.51m annually within the period.

He said, “From inception to date, the bank has granted loans/issued guarantees to Nigerian exporters with some engaged in green field projects to the tune of N107.48bn, thus supporting the creation of 64,096 direct jobs, in addition to many indirect jobs and facilitating foreign exchange generation of $1.36bn annually through the projects supported.”

He said owing to the huge raw material potential in Benue state, the bank was ready to support the state financially towards industrialisation.

“Over the years, the NEXIM has supported various projects in Benue state with total disbursement of N4.14bn. Of this amount, N3.12bn or 78 per cent was disbursed between 2009 and 2015,” he added.

The projects financed in the state, he added, were in three main sectors, namely manufacturing (30 per cent), agro processing (42.5 per cent) and services (27.5 per cent).

Ortom, while responding, said he was seeking the assistance of the bank to industrialise the state owing to the fact that government alone did not have the needed funding to achieve such objective.

He said since the allocations from the Federal Government had been dwindling, there was the need to look for other sources of funding for projects that would create jobs and reduce the level of poverty among the people.

He said, “To create jobs and wealth for our people, we need to take advantage of agriculture and solid minerals and NEXIM bank’s role is vital in all of these.

“We expect you to do more. Exporting raw materials is exporting jobs, opportunities and wealth and we don’t want to engage in such.

“My government has passion for what you are doing and I will create the conducive environment for you to assist us.

“The way to go in Nigeria now is through industrialisation, the way to go is investment. This will help us take us out of the economic woes that we are in now.”

He commended the management of the NEXIM for repositioning the bank within the last five years.

 

[Punch]