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NEXIM SUPPORTS INDIGENOUS FIRMS TO BOOST ECONOMY

By NBF News

As part of efforts aimed at enhancing economic growth Nigerian Export Import Bank has pledged support Nigeria's industrialisation.

The bank specifically said it had articulated strategies to offer support for local firms. supporting the growth of local firms.

In a statement on Wednesday, NEXIM said the arrangement would facilitate job creation as well as help Nigeria to become one of the top 20 industrialised nations by 2020.

The Managing Director and Chief Executive, NEXIM, Mr. Roberts Orya, said the bank was poised to be a catalyst in the industrial development of the country by supporting export-oriented projects.

Following a recent support NEXIM offered to Beloxxi Industries Limited, Orya said his bank would continue to support government's twin policy initiative of import prohibition and the impetus to stimulate investment in value added production and industrialisation.

The project, which was co-financed by Skye Bank at a cost of $3m is aimed at stirring up entrepreneurial interest and investment in agro processing and manufacturing for both domestic and export markets.

The biscuit factory with huge export potential to Central and West African countries had earlier commenced exports of its products, but had to stop due to high local demand.

The company is expected to resume exports with additional installed capacity.

The biscuit project has over 85 per cent locally sourced raw materials, with installed capacity of over 30,000 cartons per day of various sizes of biscuits including 21 grammes, 100 grammes and 200 grammes.

Orya said, 'We are committed to playing a positive role in the Nigerian industrialisation process by supporting initiatives that would facilitate export diversification. Our bank's operating model for large projects include distributing risks in transactions as well as complementing the export financing roles of commercial banks.

'We challenge entrepreneurs to take advantage of the new environment and opportunities that are emerging knowing that the banking sector, especially the development finance institution, is there to support creditworthy businesses.'

According to the statement, NEXIM has over the years provided funding intervention of over $300m and N80bn to largely green field projects that are mostly listed in Central Bank of Nigeria's top 100 Nigerian exporting companies.