NEXIM bank earmarks N6bn for northeast development

Business & Economy

The Nigerian Export Import Bank (NEXIM) said it has set aside six billion Naira as Northeast intervention fund to support exporters in the region.

The bank disclosed this in a statement issued on Wednesday in Abuja.

It said that a delegation from the bank visited the region  for an on-site assessment of export oriented projects in the region.

It said that the delegation was led by Mr Bala Bello, the Executive Director, Corporate Services, who represented the Managing Director/Chief Executive, Mr Abba Bello and was accompanied by the Executive Director, Business Development, Hon. Stella Okotete, and other senior management staff

Commenting on the fund, Hon.Stella Okotete the Executive Director, Business Development said the fund was part of government effort to rebuild the region.

“Given the peculiarity of the area, a North-East Intervention Fund has been created with about N6 billion earmarked for exporters in the region.’’ It quoted Stella Okotete, its executive sectary Business development.

Okotete encouraged small scale operators to form themselves into cooperatives to provide the corporate structure that would facilitate their access to the funds.

she said that bank had visited the region to conduct an on-site assessment of export oriented projects for more funding and to sensitise exporters in the region on the N500 billion Export Stimulation Facility (ESF)

She also noted that part of the visit was equally to sensitise people on the N50billion Export Development Fund (EDF), being implemented by the Bank, in collaboration with the Central Bank of Nigeria (CBN).

She added that N500bn Export Stimulation Facility was available to export oriented projects, under a scheme coined Produce, Add Value and Export (project PAVE), which encouraged entrepreneurs, particularly those in the Agricultural Value Chains.