By: Goodluck E. Adubazi, Abuja.
In a major boost to Nigeria’s export sector, the Nigerian Export-Import Bank (NEXIM) has received N137 billion in exporter development funds within the last month. This was revealed by the Managing Director of NEXIM Bank, Mr. Abubakar Abba Bello, during a stakeholder forum organized by the APC Nest Group at the Nest Resource Centre in Abuja.
Speaking at the event on Tuesday, Mr. Bello stated that the N137 billion fund is a revolving facility aimed at supporting non-oil exporters across the country. He reaffirmed NEXIM Bank’s mandate to provide financing, risk-bearing services, trade intelligence, and advisory support to help diversify Nigeria’s economy beyond oil.
“Our goal is to ensure Nigerian products gain global competitiveness while also creating jobs at home. Over 12,000 jobs have already been created through NEXIM’s support mechanisms,” Bello announced.
“Non-Oil Export is Nigeria’s Goldmine for SMEs” –NEXIM Bank MD
Further, the Managing Director of the Nigerian Export-Import Bank (NEXIM), Mr. Abubakar Abba Bello, spotlighted the booming potential of non-oil exports as a transformative opportunity for Nigerian Small and Medium Enterprises (SMEs).
Speaking during an engagement session at the APC Nest forum, Mr. Bello urged Nigerian youths and entrepreneurs to tap into the vast possibilities within the non-oil export sector.
He revealed that NEXIM Bank’s initiatives have already created over 12,000 jobs across the country, emphasizing the institution’s commitment to driving inclusive economic growth through export diversification.
In a major announcement, the MD introduced the Factoring Refinancing Initiative, a game-changing policy aimed at easing access to financing for SMEs. The bill supporting this initiative is currently before the National Assembly and, once passed into law, is expected to significantly improve liquidity and export capacity for small businesses.
Standard Times Nigeria quoted the NEXIM Bank MD as saying: “This is a golden opportunity for our youth and SMEs to move away from oil dependency and become players in global trade.”
SMEs Central to Economic Growth
Highlighting the role of Small and Medium Enterprises (SMEs), Mr. Bello noted that SMEs account for 49 percent of transaction volume and are 80 percent active in Nigeria’s business landscape. He stressed that SMEs remain central to NEXIM’s focus and hinted at flexible loan terms tailored to their needs.
“We are ready to support Nigerian youth in turning their passions into viable export businesses. There is untapped potential in the non-oil value chain,” he said.
“Think Global, Start Local” NEXIM Bank MD Encourages Nigerian SMEs
Mr. Bello concluded by encouraging Nigerian entrepreneurs to adopt global standards in their operations, stressing that to be competitive internationally, quality and compliance are non-negotiable.
“Businesses born local must think global. That is the mindset we need to position Nigeria as a key player in the global market,” he added.
NEXIM Bank was established under Act 38 of 1991 to support export diversification by offering financial and advisory services to non-oil exporters. This latest injection of funds is expected to significantly enhance Nigeria’s export capacity and drive job creation in key sectors.