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