Nigeria-Export -Import Bank (NEXIM), says it has stepped up a partnership with an Indian commodity export company aimed at boosting the exportation of processed farm produce from Nigeria, as a way of scaling up the foreign exchange earnings from the non-oil sector.
According to official data from the Office of the National Bureau of Statistics (NBS), Nigeria 2023, exported agricultural goods worth N1.23 trillion which is a 53% increase from 2022.
This increase in the monetary value of the country sector in the sector, industry experts believed was due largely to the stead devaluation which the naira has been experiencing since 2023.
The industry experts are of the view that Nigeria, can earn more from the sector if experts value added commodities, rather than in raw form.
To help scale up the foreign exchange earnings, the bank stated that it had recently supported the company in establishing an ultra-modern organic same-seed hulling plant in the commercial city of Kano, with the aim of supporting the company to move from trading in raw commodities to exportation of processed ones.
Abubakar A. Bello, made this chief executive officer (CEO) of the bank, during the commissioning of a new world-class hulling plant established by Adventure Commodities Limited, in Kano, northwest Nigeria.
Represented by Nairu Inuwa, Head of the bank in Kano, hinted that the inauguration is expected to impact the production of sesame seed in the seven-agrarian state in the Northwest part of the country.
He further hinted that since assuming office, the bank had been committed to supporting companies trading raw agriculture commodities in the country, to acquire capacity to go into processing of the commodities before exporting them.
He commended the management of the company for investing in the plant, pointing out that it would go a long way in assisting the Nigerian government to create employment opportunities for more Nigerians.
In his addressing a large gathering of farmers, suppliers, bank executives, and top government officials that graced the occasion, Sheeju Prabhakaran, general manager of the company, hinted that the latest investment of his company was designed to grow the company operations in Nigeria.
Prabhakaran disclosed that the company which started operations in Nigeria, in 2020, believed so much in the country, and has come to the conclusion that the only way it can help give back to the people is to become a source of value addition to the economy of the country.
According to him, one of the ways of giving back to Nigeria is to ensure that move away from trading in commodities which was what we have in the last five years when we started our operations in the country.
“This development implies that the new investment in the plant is going to translate into more employment opportunities for Nigerians along the value-chain, and more wealth for the farmers in particular, that are involved in its production.
“With this new plant, instead of a situation in which the commodity was being exported in a raw form, we are now exporting it in a processed form which means that the market value at the international market, will also increase.
“And, as the value of the commodity increase in the market, it also means that Nigeria will also be earning more foreign currency from the commodity beyond what it is getting before when it was being done without value addition”, Prabhakaran explained.
While, presentations about the company at the occasion, Derek O. Olokor, director of the treasury of the company, disclosed that it has since grown from its one presence to have offices in other states of Nigeria.
“We are indeed delighted to be giving support to Nigerian agriculture development, we started with one of our offices in Nigeria, and today we have offices, and manufacturing plants in places, such as a cashew farm in Ogbomosho, in Oyo state, and, in Kogi state, in addition to our head office presence in Lagos.
“At the moment the company has created 300 direct, and another 300 indirect employments across the country”, he stated.
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