The Nigerian Government praised the board of the Nigerian Export-Import Bank (NEXIM) for reducing its non-performing loans portfolio and putting the Bank back on a path of profitability.
This was disclosed in a statement by the Minister of Finance, Zainab Ahmed on Friday in Abuja. The Minister also announced the appointment of 2 more non-Executive Directors into the bank.
She described the Bank’s return to profitability as a major impact to its vision, citing also the reduced non-performing loans as the bank prepares for the African Continental Free Trade Agreement (AfCFTA) through the implementation of certain measures.
“The overriding objective of the government in setting up the bank was the desire to make it a significant player in the Nigerian non-oil export sector and other economic revitalisation programmes,” she said.
Ahmed added that the 2 new board members were bringing years of private sector experience with them to the board of the bank. The new board members are Mr Kabiru Hassan and Mr Ede Dafinone.
Mr Kabiru Hassan has worked at Union Bank as a Professional Commodities Trader since 2012 while Mr Ede Dafinone is the Chairman of Manufacturers Association of Nigeria Export Promotion Group and member of the National Council of Manufacturers Association of Nigeria.
What you should know
- Recall Nairametrics reported in November, last year that NEXIM announced it was working with the Federal Government to recover payments of N124 billion backlog of claims under the Export Expansion Grant (EEG) scheme. 1,415 companies applied for EEG claims and 308 qualified but the National Assembly approved just 270.
- The bank recently launched a N10 billion export facility for catering to women and youth to enable them take advantage of international trade opportunities.
