N550bn export facilities: NEXIM invites SMEs in South-East, Delta states to access funds Read more at: https://www.vanguardngr.com/2018/02/n550bn-export-facilities-nexim-invites-smes-south-east-delta-states-access-funds/

The Nigerian Export-Import Bank (NEXIM) has invited export-oriented Small and Medium Entrepreneurs (SMEs) in the South-East and Delta States to access the N500 billion Export Stimulation Facility (ESF) and the N50 billion Export Development Fund to boost their businesses, create jobs, and contribute to the foreign exchange revenue earnings of the country. 

The facilities were made available to NEXIM Bank last December by the Central Bank of Nigeria (CBN) for lending at a maximum of 9 percent interest rate. The funds were designed to redress the declining export credit to SMEs and reposition the non-oil sector to increase its contribution to the country’s revenue generation and economic development. The improved export financing for non-oil exporters is to enable them to upscale and expand their businesses and improve their competiveness. 

Managing Director/CEO of NEXIM, Mr. Abba Bello, made the call, at a one-day seminar on “Leveraging NEXIM Bank Facilities to Unleash Export Potential”, organised by the bank and SME Centre in Enugu.

The representative of Enugu State Governor and Special Assistant on SME Development, Anayo Agu, noted that the programme has come at the right time. “The opening of NEXIM Bank Regional Office for the Southeast and Delta States in Enugu, and the invitation to the SMEs to access affordable non-oil export facilities, will address the missing link in the efforts of various governments in the region to derive maximum benefits from their investments in the SME value chain, especially in agriculture and other non-oil sectors,” he stated.