NEXIM Bank clarifies stance on N50bn development fund

.Says exporters are still benefitting from the EDF funding

Temmy Adebayo

The Nigerian Export-Import Bank has said that exporters in the country are still benefitting from the N50 billion Export Development Fund (EDF) managed by the bank.

This, according to the bank, is contrary to assertions that exporters have shunned government intervention.

The bank in a statement revealed that in the last nine months, more than N60 billion has been approved in support of commodity exports such as Cocoa, Sesame seed, Cashew nuts,

Hibiscus, Ginger Shea products as well as Hides and Skin among others, in the different geological zones of the country.

Stressing further, the bank said that the volume of applications under EDF has increased of recent, with applications worth over N77 billion currently under processing by the Bank.

The EDF which was approved by the Central Bank of Nigeria in 2018 aimed at boosting intervention in the non-oil export.

The purpose is to promote economic diversification and sustainable growth in line with the Economic Recovery and Growth Plan of the Federal Government of Nigeria.