Managing Director/ CEO of the Nigerian Export-Import Bank (NEXIM), Mr. Abba Bello, on Tuesday in Akure, Ondo State, announced that the bank and its continental counterpart, African Export-Import Bank (AFREXIM) have earmarked $10 million as Project Preparation Fund (PPF) aimed at supporting pre-operational phase of project cycles.
The objective of this, according to Bello, is to increase the pipeline of bankable projects towards addressing the problem of poor access to funds, particularly among the Small and Medium Scale Enterprises (SMEs).
At the event themed; ‘Maximising Export Potential in the South-west Region for Economic Growth’, he expressed hope that SMEs present would take advantage of the products to increase their access to funds and grow their businesses.
The NEXIM boss added that it has launched the State Export Development Fund. Under this programme, the bank earmarked a minimum of N1billion for every state of the federation to be disbursed to targeted export-oriented projects in the SME sector, towards crowding in investment and promoting regional industrialisation and economic development.
This fund is also expected to support the various states to benefit from the opportunities provided by the African Continental Free Trade Agreement (AfCFTA) to which Nigeria is a signatory.
His words: “As you may all be aware, the AfCFTA, which commenced in January 2021, comes with enormous benefits, including a borderless market of about 1.2billion people, with a combined GDP of about $3.4trillion. It, therefore, offers our SMEs, particularly, those engaged in cross-border trade, the opportunity to increase their sales under a more liberal market condition.