The Nigerian Export-Import Bank (NEXIM) is collaborating with the Central Bank of Nigeria (CBN) to manage a N500 billion non-oil export stimulation facility introduced to provide long term funds to export-oriented projects towards increasing value added exports in the country.
NEXIM’s Managing, Mr Abba Bello, who made this known in Abuja, also said the bank has ended the declining trend in its operational performance, improving in key financial indices, with a target to post a N1.2 trillion balance sheet size by 2022.
The bank declared a cumulative profit of N4.5 billion after operational cost for a period of between 2018 and 2020, despite general economic downturn in the period under review while the balance sheet grew from N67.73 million in April to N158.84 billion as at January 31, 2021.
The CEO, who was at the briefing with other executive directors including Stella Akotete, attributed the growth to increased strategic partnership for lines of credit and the push for recapitalisation of the bank.
Bello said activities under its export development fund has led to processing of 227 applications worth N159.27 billion and $37.67 million out of which N98.87 billion has been approved.
He said N68.01 billion has been disbursed to 68 beneficiaries while approvals totalling N30.86 billion are in the process of meeting disbursement conditions.
“So far, $182.31 million and €203,018.42, translating into N70.40 billion have been received as export proceeds from projects that have repatriated their income, while others are yet to complete thetransaction circle.”
Introduction of aggressive debt recovery and proactive loan work out measures, he said, has led to increase in overall recoveries from N200 million in 2016 to N4.76 billion and $750,000 between 2017 and January 2021; while assets worth about N7 billion are currently up for sale.
On future plan of the bank, Bello said their objective is to harness opportunities in the global leather industry adding that the bank is working with the leather cluster in Kano having funded about three companies and assisted them to acquire new machines and retool their operations towards becoming major players in the global value chain.