NEXIM Bank Assures Foreign Investors 100% Access to FX for Repatriation

James Emejo in Abuja

The Nigerian Export Import (NEXIM) Bank has assured foreign investors of 100 per cent access to their foreign exchange proceeds for reparation.

The bank’s Executive Director, Business Development, Stella Okotete, stated this when the Mexican Ambassador to Nigeria led a high-profile delegation on a courtesy call to the bank.

She also said the bank had plans for heavy investment in the rubber sector in view of its huge potential for the economy.

The NEXIM Bank director said the motive was to make Nigeria one of the biggest tyre producing nations.

She said, “I should once again assure you that with Nigeria, as a country and with a very large opportunity in export, especially non-oil export sector, you have a 100 per cent access to your FX for repatriation and you have a very huge Return on Investment (ROI) on your investment.

“So, in terms of return on investments, this is the best place you can invest. It’s clear that Mexico has a very huge advantage in mining, Nigeria is an untapped mining destination and so, if we have businesses that would want to partner with Nigeria to develop the mining sector for export. Nigeria Export-Import Bank will be willing to work with you and support that aspect to grow the sector.”

In a statement issued by Head, Strategy and Corporate Communications, NEXIM, Mr. Tayo Omidiji, she noted that Mexico’s automotive industry currently produces 70 per cent of the spare parts for one of the biggest companies.

Okotete said, “And that’s why I touched rubber because I looked, with my team yesterday, we were looking into the future; for us one of the futuristic dreams of the bank is to hugely invest in rubber production, rubber value-chain improvement.