Post by Trade Coach on Oct 10, 2013 12:35:00 GMT 1
A total of N6.6 billion ($41.3 million) has been provided by the Nigerian Export-Import Bank (NEXIM) to fund the activities of Agro-processing export businesses across the country.
The bank noted that the funds were offered from August 2009 to April 2013, adding that it had also disbursed over N12 billion ($75.02 million) to manufacturers for export purposes, mostly those which display the ‘Proudly Nigeria’ emblem on their products.
The bank is looking to enhance Nigeria’s non-oil sector growth by providing the necessary capital required to boost regional trade, noting that Nigeria agricultural sector – which contributes over 40 percent to GDP – is a critical area in diversifying the economy.
“Nigeria is a major producer of food and cash crops and the Nigerian government seeks to develop values chains particularly for value added products like tomato, soya bean, cotton, rice, Maize, cassava, leather and wood products,” said Managing Director of the Bank, Roberts Orya.
“With an annual food deficit growth of 3.4% reaching $22billion in 2011 according to the Food and Agricultural Organisation (FAO), Nigeria can contribute to food security in Africa.”
Emphasis where made on the critical challenges limiting an effective regional trading network including the high cost of transportation.
This according to the MD, is largely due to the poor transportation infrastructure provided by member nations of ECOWAS, pledging the bank’s support in facilitating the development of proper inter-state facilities to afford exporter quicker and cheaper means of moving goods across borders.
Source: www.ventures-africa.com/2013/10/41-3m-provided-nigerias-agro-processing-exports-nexim/
The bank noted that the funds were offered from August 2009 to April 2013, adding that it had also disbursed over N12 billion ($75.02 million) to manufacturers for export purposes, mostly those which display the ‘Proudly Nigeria’ emblem on their products.
The bank is looking to enhance Nigeria’s non-oil sector growth by providing the necessary capital required to boost regional trade, noting that Nigeria agricultural sector – which contributes over 40 percent to GDP – is a critical area in diversifying the economy.
“Nigeria is a major producer of food and cash crops and the Nigerian government seeks to develop values chains particularly for value added products like tomato, soya bean, cotton, rice, Maize, cassava, leather and wood products,” said Managing Director of the Bank, Roberts Orya.
“With an annual food deficit growth of 3.4% reaching $22billion in 2011 according to the Food and Agricultural Organisation (FAO), Nigeria can contribute to food security in Africa.”
Emphasis where made on the critical challenges limiting an effective regional trading network including the high cost of transportation.
This according to the MD, is largely due to the poor transportation infrastructure provided by member nations of ECOWAS, pledging the bank’s support in facilitating the development of proper inter-state facilities to afford exporter quicker and cheaper means of moving goods across borders.
Source: www.ventures-africa.com/2013/10/41-3m-provided-nigerias-agro-processing-exports-nexim/
