Business
CBN approves N300b export fund for NEXIM
In from Ali Smart . . .
The Central Bank of Nigeria (CBN) on Monday approved N300 billion for the Nigerian Export-Import Bank (NEXIM) Robert Orya, the Managing Director has said.
Orya gave this hint when he played host to Hon. Jones Onyereri, Chairman, House Committee on Banking and Currency who was on a courtesy visit at NEXIM Bank headquarters in Abuja.
The NEXIM Bank boss further revealed that the bank also got additional sum of N50 billion from the CBN for rediscounting and refinancing of loans obtained by investors from commercial banks, with a one year tenure.
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While taking stock of the activities of the bank in the last five years, Orya noted that most of the foreign loans obtained are yet to be utilised due to dissolution of the NEXIM board, and the non-constitution of a new one.
Of the $33 million disbursed from the $200 million African Development Bank facility obtained in 2011 for financing Small and Medium Enterprises (SMEs), only $23.1 million has so far been utilised due to delay in obtaining approval for Sovereign Guarantee, he said.
So far, he said, NEXIM Bank has paid $10.7 million interest on the $200 million loan obtained from African Development Bank (AfDB) which is expected to expire by January 21, 2021, in spite of non-utilisation of the loan.
According to him, of the $50 million approved in the first tranche, $8.6 million has been utilised while $11.9 million approved is yet to be accessed and disbursed.
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