Post by Trade facilitator on Dec 9, 2012 4:20:07 GMT 1
Nigeria’s non-oil export trade is set for exponential growth with the unprecedented financing support from the Nigeria Export and Import Bank for Nigerian exporters majorly the small and medium enterprises (SME’s) with some engaged in Greenfield projects, to the tune of N23.33 billion and issued Guarantees valued at $27.3 million between 2009 and August 2012, the bank has said.
According to Head, Corporate Communications, NEXIM Bank, Chinedu Moghalu, “These interventions were in our target sectors with high growth potentials of Manufacturing, Agro - Processing, Solid Minerals and Services (MASS Agenda).”
The bank said it had since turned around its fortunes, “within sixteen (16) months of assumption of duty the management turned around the fortunes of the Bank and ensured that it is a profit rather than a loss making organisation with an impressive performance in year 2010 with an audited profit of N189.00 million as against the loss of N5.460 billion incurred in 2009.
“This was a complete departure from the past. It is gratifying to note that the Bank achieved an improved and better performance in 2011, which is however, being audited. From January 2012 to date, the Bank has continued with its impressive profit making trend.”
Moghalu disclosed that the Bank through its various operational interventions generated/sustained direct jobs of over 14,358 as at August 31, 2012, and on foreign exchange generation, he said the Bank between August 2009 to August 2012, through its facilities, will facilitate the generation of estimated Foreign exchange earnings of US$189.20 Million annually.
On dividend payment, he said, “With the turnaround of the Bank’s performance, Management ensured an appreciable return on the equity investment of the shareholders.
Source: www.leadership.ng/nga/articles/41868/2012/12/06/nexim_bank_sees_impressive_growth_nonoil_exports_after_intervention.html
Learn more about Non Oil Export in Nigeria @ nonoilexports.tripod.com
According to Head, Corporate Communications, NEXIM Bank, Chinedu Moghalu, “These interventions were in our target sectors with high growth potentials of Manufacturing, Agro - Processing, Solid Minerals and Services (MASS Agenda).”
The bank said it had since turned around its fortunes, “within sixteen (16) months of assumption of duty the management turned around the fortunes of the Bank and ensured that it is a profit rather than a loss making organisation with an impressive performance in year 2010 with an audited profit of N189.00 million as against the loss of N5.460 billion incurred in 2009.
“This was a complete departure from the past. It is gratifying to note that the Bank achieved an improved and better performance in 2011, which is however, being audited. From January 2012 to date, the Bank has continued with its impressive profit making trend.”
Moghalu disclosed that the Bank through its various operational interventions generated/sustained direct jobs of over 14,358 as at August 31, 2012, and on foreign exchange generation, he said the Bank between August 2009 to August 2012, through its facilities, will facilitate the generation of estimated Foreign exchange earnings of US$189.20 Million annually.
On dividend payment, he said, “With the turnaround of the Bank’s performance, Management ensured an appreciable return on the equity investment of the shareholders.
Source: www.leadership.ng/nga/articles/41868/2012/12/06/nexim_bank_sees_impressive_growth_nonoil_exports_after_intervention.html
Learn more about Non Oil Export in Nigeria @ nonoilexports.tripod.com
