NEXIM Bank to Boost Export of Non-oil Commodities in Kwara 

James Emejo in Abuja

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 towards job creation and economic growth through the non-oil export sector.

The partnership with state governments under the bank’s  State Export Development Programme, will upscale the production as well as boost the export of a vast array of agricultural and mineral commodities in the state.  

The MoU was signed by the Executive Governor of Kwara State, Alhaji Abdulrahman AbdulRazaq, for the state, while Managing Director/Chief Executive of NEXIM Bank, Mr. Abba Bello signed on behalf of the bank, during the recent 2023 Intra-African Trade Fair in Egypt.

The agreement 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 sub-region.

In a statement, Head, Strategy and Corporate Communications NEXIM Bank, Mr. Tayo Omidiji, said partnership will qualify agencies of entrepreneurs and exporters in Kwara to access the State Export Development Funds and other facilities upon fulfilment of relevant terms and conditions as may be agreed with the 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.

AbdulRazaq said the state has invested in different projects and adopted policy initiatives that seek to diversify the local economy.

He reiterated his commitment to expand the efforts of his administration to develop the economic potentials of the state.

Bello, however, said the aim of the bank was promote at least one exportable commodity in every state of the federation towards achieving the economic diversification and expansion drive of the federal government.