Nigerian exporters would be among
other exporters in West Africa that will benefit from Nigerian
Export-Import Bank’s $1 billion trade facilitation pact. The Memorandum of
Understanding (MoU) was signed during the inaugural Intra-African Trade Fair in
Cairo, Egypt.
In a statement made available to
newsmen, NEXIM Bank made known that the MoU would be implemented
under the Nigeria-Africa Trade and Investment Promotion Programme to
support trade and investment flow between Nigeria and other African countries.
Under the agreement, AFREXIM will
provide $1 billion Line of Credit, which will be disbursed by NEXIM to
qualifying beneficiary projects and transactions in support of intra-African
trade and investments.
According to the MoU, the fund is
available to support the growth of trade between Nigeria and other African
countries with special emphasis on value addition, particularly in primary
goods and commodities. The statement said the $1 billion would assist in
enhancing local earnings and job creation.
The fund is also available to support
capital and investment flows as well as projects being sponsored by Nigerians
in other countries.
While speaking during the signing,
the Managing Director/Chief Executive of NEXIM, Abba Bello, said the deal would
go a long way in boosting access of Nigerian exporters to investment capital
and investment guarantee instruments, including the Small & Medium Enterprises
(SMEs). He said through the pact, the bank would be able to promote
intra-African trade and increasing the volume of formal trade.
In implementing this programme, Bello
also highlighted that the NEXIM bank would be working with all stakeholders,
including exporters, investment partners as well as other financial
institutions, both domestic and foreign to realise the NATIPP programme objectives.
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