The Nigerian Export Import Bank (NEXIM Bank) and Fidelity Bank Plc are taking measures meant to enhance non-oil export and create wealth for Nigerians.
Both lenders urged exporters to explore opportunities presented by the N500 billion non-oil Export Stimulation Facility (ESF) as well as the expansion of the export credit Rediscounting and Refinancing Facilities (RRF) to develop the economy, stimulate their operations, and create jobs for the people.
Fidelity Bank’s Executive Director, Shared Services & Products, Chijioke Ugochukwu, said the lender is always at the forefront of financial services solutions and lending. She said the bank is committed to making a success story out of supporting non-oil export business.
“Without a doubt, the most important thing for Nigeria today is non-oil export. We took a decision to play big in the cocoa sector, cashew nuts, and other key sectors, in a practical way. That is why we have a lot of talks around Fidelity Bank is very ready for export business and we want to attract successful entrepreneurs to the non-oil export business. We can assure you, this is more than talk. We do not just want to do export non-oil products, we want to do export them successfully,” she said.
The acting Managing Director/Chief Executive, NEXIM Bank, Bashir Wali, spoke on the lender’s activities in non-oil export when he featured as guest on the Fidelity SME Radio Forum, a programme sponsored by Fidelity Bank to educate, inform, advise and inspire budding entrepreneurs, that was monitored on Inspiration FM in Lagos.
The Central Bank of Nigeria (CBN) recently introduced the ESF and the RRF with a view to supporting the diversification of the economy and to expedite the growth and development of the non-oil export sector.
Wali described Nigeria as endowed with both natural and human resources, including with huge untapped resources in the non-oil sector. He cited a National Bureau of Statistics report which put the total value of the country’s non-oil earnings in 2015 at $5.9 billion, with an average of $6.18 billion over the past five years.
He said the ESF is aimed at encouraging entrepreneurs in the export sector so as to boost foreign exchange earnings from the non-oil sector.
According to the NEXIM boss, in terms of informal trade, the amount ranges between $12 billion and $14 billion annually.