NEXIM approves disbursement of N25b loan for non-oil exporters

He explained that the beneficiaries included exporters of agricultural and value-added products, who submitted applications for stocking facilities and working capital to enable them execute their export contracts.

Speaking further he said that “These projects, which are distributed across the country with nation-wide impact, cut across various sectors/industries including Cocoa, Cashew, Sesame Seed, Gum Arabic and Leather products. “It is expected that disbursement will commence immediately to maximize the benefits of the export season towards achieving the economic diversification objectives of the administration of President Muhammadu Buhari under the Economic Recovery & Growth Plan (ERGP).  The total amount approved is expected to support about 15,000 direct and indirect jobs and facilitate foreign exchange inflow of about $100million from non-oil exports”.

Earlier in the year, the CBN established the N50billion Export Development Fund, to be disbursed at single digit, which is currently being managed by NEXIM.

Recall that earlier in the year, the CBN had established the N50 billion Export Development Fund currently being managed by NEXIM to be disbursed at single digit interest rate to exporters.