• Thursday, May 23, 2024
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NEXIM Bank to empower nano businesses for export growth

NEXIM Bank to empower nano businesses for export growth

The Nigerian Export-Import Bank (NEXIM), an export credit agency, has pledged its commitment to empowering businesses of varying sizes to participate in the export sector.

Abubakar Bello, managing director of Nexim Bank, made this known during his keynote address titled ‘Easy Access to Export Finance’ in Lagos recently.

“We are particularly enthusiastic about doing business with individuals, nano and small businesses,” he said.

Read also: How NEXIM opened exporters’ eyes in Rivers

Bello said NEXIM was prepared to provide access to funding to individuals or businesses without any discrimination.

“Accessing finance is easy as long as the individual or business is serious. We are encouraging exports, and everybody seated here can start generating foreign exchange for themselves,” he added.

He noted that the Nigerian Exporters’ Hub would help reduce the risks that hold back ordinary exporters, making it easier for them to get funding.

“We are a bank concerned with development, not necessarily profitability. We are ready to provide access to funding, and there is no discrimination. Banks look at where there are minimal risks, and some of those risks have already been mitigated by the Hub,” he said.

The push for non-oil exports aligns with Nigeria’s well-defined economic objectives of diversifying away from its dependence on oil.

According to Bello, by supporting new entrants into the export sector, particularly small and medium-sized enterprises, Neximbank hopes to spur economic growth in new and vibrant sectors.

Aliyu Sheriff, special adviser on Export Expansion to Nigeria’s President said there was a need to prioritise domestic production value for locally manufactured goods.

He said Nigeria must ensure that products made in Nigeria are recognised for their quality and competitiveness on the international stage.