Steps welcomed to broaden Nigeria economic horizons

Nigerian Export-Import Bank (NEXIM)OKORO CHINEDU 
LAGOS, (CAJ News) – INDUSTRY experts have welcomed steps taken by the  Central Bank of Nigeria (CBN) and stakeholders to diversify the economy.

Backers include the Nigerian Export-Import Bank (NEXIM), which has been appointed by the Federal Government of Nigeria as managing agent of the  newly introduced Export Stimulation and Export Rediscounting and Refinancing facilities (ESF and RRF respectively) to support the dwindling  export market and boost the country’s revenues and foreign exchange earnings.

NEXIM Acting Managing Director, Bashir Wali, commended the CBN for “taking  a step in the right direction.”

“The ESF and RRF (for N500billion and N50billion) have come at the right  time where positive steps are being taken by government towards  diversifying the Nigerian economy away from oil and enhancing revenue flow to the non-oil sector as a measure to trigger export growth and  economic progress.”

The above-mentioned facilities, officials said, were essentially designed  to redress the declining export credit and reposition the sector to  increase its contribution to revenue generation and economic development in order to improve export financing, increase access of exporters to low  interest credit and offer additional opportunities for them to upscale and
expand their businesses/improve their competiveness.

Wali thanked the Nigerian Export Promotion Council, the Manufacturers’ Association of Nigeria the commodity associations and other organised  private sector for their technical support, partnership and collaboration as well as the commitment to work with the government and private sector  in Nigeria to diversify the economy and boost industrial production and

Initiatives to diversify the continent’s biggest have intensified  following the prevailing global challenges bedeviling the oil market.

Nigeria is the biggest producer of the commodity in Africa.

CAJ News

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