Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
british airways
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Business News

NEXIM Bank set to disburse ₦25bn loan to non-oil exporters

The credit facility is specially designed for exporters of non-oil commodities.

Published

on

The Managing Director of the Nigerian Export-Import Bank (NEXIM), Mr Abba Bello, yesterday in Abuja disclosed that all is now set for the disbursement of a ₦25 billion loan to Nigerian exporters in the non-oil sector of the economy.

The approval for the loan disbursement followed a judicious review of all the tenets that are applicable under the Export Development Fund. The review took place on Thursday during a meeting of the Board of NEXIM, Bello said.

He went further to state that the loan is one of the efforts that are geared towards facilitating growth in the non-oil sector, thereby making it one of Nigeria’s biggest revenue generators.

In specific terms, it is expected that the loan will support about 15,000 jobs while also ensuring the non-oil sector generates foreign exchange inflow to the tune of $100 million.

“The Nigerian Export-Import Bank has approved the disbursement of loans totalling about ₦25 billion in support of various projects in the non-oil export sector.

“Beneficiaries included exporters of agricultural and value-added products, who submitted applications for stocking facilities and working capital to enable them to execute their export contracts.” -Bello

Meanwhile, the loan disbursement is expected to commence with immediate effect, in order to take maximum advantage of “the export season towards achieving the economic diversification objectives of the administration of President Muhammadu Buhari under the Economic Recovery and Growth Plan (ERGP)”.

Exporters who are to benefit from this programme are those of agricultural produces such as cocoa, sesame seed, gum arabic, cashew nuts, leather, and other value-added products. However, only exporters who already submitted their applications will be qualified to benefit from the scheme.

This is a positive development for Nigerian exporters of non-oil products who have in the past struggled to scale their businesses due to lack of capital. Nigeria has the potential to export other products other than oil. A recent research study by Nairametrics found that the country is already one of the biggest exporters of sesame seed, which could potentially become the country’s black gold, but on the proviso that the right investments/credit facilities are made available.

Sigma Pensions

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Macro-Economic News

BREAKING: Nigeria’s inflation rate surges to 18.17% in March 2021

Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

Published

on

Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

This is according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS).

Food inflation spikes to 22.95% from 21.79% recorded in the previous month, while core inflation, which excludes the prices of volatile agricultural produce rose to 12.67% from 12.38% recorded in February 2021.

 

More details shortly…

Continue Reading

Business News

BUA Group, French company announce progress in 200,000 bpd refinery project

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

Published

on

The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.

READ: What the $1.5 billion Port Harcourt refinery deal means to us – Maire Tecnimont

The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.

The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.

The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.

READ: FG reacts to reports of revoking 32 refinery licenses

Sigma Pensions

While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.

He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.

british airways

Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.

READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020

He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.

Stanbic 728 x 90

The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.

READ: FG to open LPG distribution channels in all local governments

Bottom line

The completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.

This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.

The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).

Coronation ads

 

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.