FG Vows Support for NEXIM Bank to Raise Non-oil Export Revenues to 30%

James Emejo in Abuja

The Minister of Finance, Funds and Nationwide Preparing, Mrs. Zainab Ahmed, has said the federal government would deliver the important help to NEXIM Financial institution to enable boost non-oil export revenues to at minimum 30 for each cent in five many years.

She mentioned, “This, I believe, is feasible and government will be inclined and all set to give you the desired support to attain this focus on. The menace of a mono-products overall economy is genuine, and the latest episode of the COVID-19 pandemic has even further is underscored the have to have for Nigeria to widen its export basket and deepen its export marketplace.”

The minister congratulated the entire board, administration and team of NEXIM for the re-appointment of the Controlling Director/Chief Govt, Mr. Abba Bello, the Govt Director, Company Companies, Dr. Bala Bello and the Govt Director, Business enterprise Improvement, Hon. Stella Okotete, by President Muhammadu for their next and last expression of 5 several years which commenced on April 21, 2022.

She pointed out that their reappointment, no question was a testimony to the significant level of professionalism and dedication with which you managed the affairs of the financial institution in the very last 5 many years.

Ahmed famous that prior to their appointment the bank had been confronted with a myriad of problems which include high volume of non-carrying out financial loans, inadequate capitalisation, paucity of operational resources and loss of target on main mandate which limited its general performance. 

Even so, she reported, “It is, therefore, heartwarming to notice that under your stewardship the bank has witnessed a comprehensive turnaround in all locations of its operational and fiscal indices and is now on the route of expansion.”

According to her, the financial institution less than the new management now has a nutritious harmony sheet, which had grown from about N63 billion in April 2017 to the existing amount of N250 billion.  

The non-oil export development bank had also recovered from a reduction posture of N8 billion in 2016 to sustained profitability, reaching N4.1 billion in 2021, while above N12 billion has been recovered in non-accomplishing loans.

Ahmed explained, “I want to specifically commend your endeavours toward the realization of coverage objectives of govt in the regions of financial diversification and development of positions for our citizens by attracting concessional cash into the export sector by strategic partnership as exemplified by the adhering to initiatives collaboration with the Central Financial institution of Nigeria to handle the N500 billion Non-Oil Export Stimulation Facility and the N50 billion Export Improvement Fund, which has now been increased to N150 billion owing to the great functionality of the fund.”

She said the only way the government management could reciprocate the self-confidence reposed in them by Buhari on their re-appointment was by redoubling its initiatives to consolidate on the earlier performance and just take NEXIM to even bigger heights.