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In one year, NEXIM Bank approves N55bn to SMEs

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The Nigerian Export-Import Bank (NEXIM) on Tuesday said it had, within the last one year, approved loan applications worth N55bn for exporters in the country.

This was disclosed in a statement issued by the bank’s management in Abuja on Tuesday.

The statement explained that, while targeting Small and Medium Enterprises. about N24bn of the approved fund had already been disbursed.

It stated, “Over the last one year, the bank has approved applications worth N55bn and disbursed about N24bn to exporters, many of whom are Small and Medium Enterprises.

“NEXIM offers credit and risk bearing services to support non-oil exports from Nigeria thereby helping to diversify the economy from the dominance of crude oil exports.

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“The bank is also partnering with the Central Bank of Nigeria to manage the Export Development Fund and the Non-Oil Export Stimulation Facility, which have been established by the apex bank to mitigate the funding gap in the non-oil export sector.

“NEXIM is also collaborating with the African Export-Import Bank to implement the Nigerian African Trade and Investment Promotion Programme under which Afreximbank has earmarked $1bn to support export and investment activities of Nigerian entrepreneurs in other African countries.

“NEXIM’s intervention is targeted at the entire value chain from production to export of products and is designed to incorporate aggregators, who will create market access for the Small and Medium Enterprises.

“Under this scheme, NEXIM has also signed an MOU with the Nigerian Incentive Risk-Based System for Agricultural Lending (NIRSAL), towards providing risk-mitigating instruments (guarantees/insurance) to facilitate access by the SMEs.”

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