Post by Trade facilitator on Feb 7, 2012 8:16:13 GMT 1
The Nigerian Export Import Bank has projected that the country will earn about $229.2m (N35.49bn) in foreign exchange in the 2012 fiscal year.
The Managing Director of the bank, Mr. Robert Orya, who disclosed this in Abuja, noted that the amount would be earned through the bank’s active support of the manufacturing, agricultural, solid mineral and services sectors of the nation’s economy.
He said through the foreign exchange earnings, about 23,923 jobs would be generated for the country.
Orya said that the bank would tap into the sectors in order to propel Nigeria’s economy beyond expectations, adding that its budget projection of N30bn would help to promote export-oriented investments in the sectors.
He said, “Forty-four per cent will go to manufacturing; 35.8 per cent, agriculture; 5.6 per cent, solid mineral resources; while the services sector will take 14 per cent.
“These will create over 23,923 jobs and generate $229.6m foreign exchange earnings for Nigeria in the 2012 fiscal year through the active support of the manufacturing, agricultural, solid mineral and services sectors of the nation’s economy.”
Orya explained that what the bank had done over the years towards the realisation of its mandate was to enhance the contribution of the non-oil sectors to the Gross Domestic Product through the funding of interventions in the key sectors where the country had high export potential and comparative advantage.
For instance, in the agricultural sector, he explained that the bank had funded a lot of Greenfield and start-up projects, which had become successful.
“We are looking at the creative arts and entertainment industry because we believe that it is an industry that has a high growth, employment and foreign exchange earning potential. It is essentially an area where you can generate a lot of employment for the youth,” Orya said.
Established by Act of Parliament 38 of 1991 as an export credit agency, the bank is charged with the responsibility of providing export credit guarantee, local currency, management of funds and credit insurance facilities to exporters.
The NEXIM boss explained that the present management of the bank was pursuing a vigorous policy of growing the manufacturing, agriculture, solid minerals, services and other non-oil sectors to ensure robust growth of the economy.
This, he noted, was consistent with the Federal Government’s objective of diversifying the economy on a sustainable basis.
Source: www.punchng.com/business/business-economy/nigeria-to-earn-n35-5bn-from-non-oil-exports-nexim/
The Managing Director of the bank, Mr. Robert Orya, who disclosed this in Abuja, noted that the amount would be earned through the bank’s active support of the manufacturing, agricultural, solid mineral and services sectors of the nation’s economy.
He said through the foreign exchange earnings, about 23,923 jobs would be generated for the country.
Orya said that the bank would tap into the sectors in order to propel Nigeria’s economy beyond expectations, adding that its budget projection of N30bn would help to promote export-oriented investments in the sectors.
He said, “Forty-four per cent will go to manufacturing; 35.8 per cent, agriculture; 5.6 per cent, solid mineral resources; while the services sector will take 14 per cent.
“These will create over 23,923 jobs and generate $229.6m foreign exchange earnings for Nigeria in the 2012 fiscal year through the active support of the manufacturing, agricultural, solid mineral and services sectors of the nation’s economy.”
Orya explained that what the bank had done over the years towards the realisation of its mandate was to enhance the contribution of the non-oil sectors to the Gross Domestic Product through the funding of interventions in the key sectors where the country had high export potential and comparative advantage.
For instance, in the agricultural sector, he explained that the bank had funded a lot of Greenfield and start-up projects, which had become successful.
“We are looking at the creative arts and entertainment industry because we believe that it is an industry that has a high growth, employment and foreign exchange earning potential. It is essentially an area where you can generate a lot of employment for the youth,” Orya said.
Established by Act of Parliament 38 of 1991 as an export credit agency, the bank is charged with the responsibility of providing export credit guarantee, local currency, management of funds and credit insurance facilities to exporters.
The NEXIM boss explained that the present management of the bank was pursuing a vigorous policy of growing the manufacturing, agriculture, solid minerals, services and other non-oil sectors to ensure robust growth of the economy.
This, he noted, was consistent with the Federal Government’s objective of diversifying the economy on a sustainable basis.
Source: www.punchng.com/business/business-economy/nigeria-to-earn-n35-5bn-from-non-oil-exports-nexim/
