NEXIM Bank boosts Kwara’s industrialization, non-oil exports
By Patience Ikpeme
The Nigerian Export-Import Bank (NEXIM) has signed a Memorandum of Understanding (MOU) with Kwara State government as part of the Bank’s effort to achieve the federal government’s drive to increase economic growth and jobs creation by boosting investments in the non-oil export sector through a partnership arrangement with state governments under its State Export Development Programme.
In furtherance of this objective, an MOU was signed during the 2023 Intra-African Trade Fair, which took place from 9th- 15th November 2023 in Cairo Egypt to upscale the production and boost the export of a vast array of Agricultural and Mineral commodities in Kwara state, NEXIM Bank said in a statement issued by Tayo Omidiji Head, Strategy and Corporate Communications
The statement said Executive Governor of Kwara State, Alhaji Abdulrahman AbdulRazaq, signed for the State Government, while Mr. Abba Bello, MD/CE of NEXIM Bank signed for his institution.
The MOU signing was preceded by deliberations between the two parties on the various on-going and prospective economic projects of the state government, including the industrial park, the IsDB-backed agro processing zone, the sugar processing factory, garment and Shea butter factories, solid mineral projects, and the visual arts Center, which is unique in the West Africa subregion.
The partnership will qualify agencies of entrepreneurs and exporters in Kwara State to access the State Export Development Funds and other facilities upon fulfilment of relevant terms and conditions as may be agreed with NEXIM Bank.
It further entails the provision of financial and export advisory services which will include but not limited to working out financing arrangements, investment mix as well as facilitating export market off-take, especially for SMEs and businesses operating in the export value chain that support Women and Youth Empowerment.
Governor AbdulRazaq further stated that the government of Kwara State has invested in different projects and adopted policy initiatives that seek to diversify the local economy, including the reduction of the telecommunication right-of-way from N5,500.00 to N1.00 and emphasized that the policy initiative has yielded significant results for the state. He reiterated his commitment to expand the efforts of his administration to develop the economic potentials of the state.
In his remarks, the Managing Director of NEXIM, Mr.Abba Bello, spoke about the initiatives of the Bank to promote at least one exportable commodity in every state of the federation towards achieving the economic diversification and expansion drive of the Federal Government. He further added that the proposed partnership with Kwara State will position the state and north central region towards effective participation in the continental market under the African Continental Free Trade Agreement (AfCFTA).
In closing, both parties agreed to work together to unlock the opportunities, towards boosting the contribution of the state to non-oil exports and the economic diversification objectives of the federal government of Nigeria.
