NEXIM bank crucial in driving growth of non-oil sector- Minister

The Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed has said the Nigerian Export-Import Bank (NEXIM) serves as a very critical stakeholder in driving non-oil sector growth in the country.

Mrs Ahmed stated this at the inauguration of the newly appointed non-executive directors of the bank in Abuja on Friday.
She said: NEXIM Bank is responsible for the provision of export credit guarantee and export credit insurance facilities to its clients as well as the provision of credit in local currency to its clients in support of export.
Therefore, the overriding objective of the Government in setting up NEXIM Bank is the desire to make the Bank a significant player in the Nigerian non-oil export sector and other economic revitalization programmes such as the Economic Recovery and Growth Programme (ERGP).
“From the report of the Bank’s current Strategic Framework for Expansion of Non-Oil Sector and Diversification of the Economy, its achievements in operational performance heralding a return to profitability and reduction in non-performing loans. Furthermore, NEXIM enhancement of its Intra-African Trade Initiatives in readiness for commencement of the African Continental Free Trade Agreement (AFCFTA) is also deserving of commendation,”
On the expectations of the new non-executive directors of the bank, the Finance minister stated the need to enhance funding intervention to boost productivity and exports from critical sectors (Agriculture, Manufacturing and Services)
Others include the promotion and attraction of private sector Investments in Maritime Logistics Infrastructure.
The two new non-executive board members inc Mallam Kabiru Hassan, who has been in the business of Commodity Sourcing, and the current Chairman of Manufacturers Association, (Nigeria Export Promotion Group) as well as Mr Ede O. Definone.
The minister further charged them to bring their vast wealth of experience garnered in the private sector to bear in the operations of NEXIM, while pledging the Ministry’s continued support to NEXIM in the discharge of its mandates.