The Nigerian Export and Import Bank (NEXIM) has projected to grow its profit to N1.6 billion this year, from about N1.1 billion in 2011.
This is as the bank has projected that the country would earn about $229.6 million in foreign exchange this year, if urgent attention is given to non-oil sectors of the economy, including manufacturing, agriculture, solid minerals and services.
The managing director of the bank, Mr. Roberts Orya, who disclosed this in Abuja, said 40 per cent of its budget would be committed to the manufacturing sector while agriculture would have a share of 35.8 per cent.
Orya, during a meeting with the Senate Committee on Budget and Insurance to defend the bank’s 2012 budget estimated at N30 billion, added that solid mineral resources would have a share of 5.6 per cent, while 14 per cent would be used to support the services industry.
According to him, when implemented, the estimated investment in the targeted sectors would be expected to create over 23,923 jobs and generate about $229.6 million in foreign exchange earnings for the 2012 fiscal year through active support to the sectors.
However, the Senate Committee Chairman, Senator Ayo Adeseun, while responding to the proposal, expressed satisfaction over Orya’s achievements in salvaging the bank from a state of near-bankruptcy to profitability and gave the assurance of the Senate’s support for the bank as well as other public institutions which show commitment to achieving their mandate.
Earlier, during a similar budget defence before the House Committee on Banking and Currency, the Chairman, Chudi Onyereri said NEXIM had done creditably since it was taken over by a new management board, led by Orya.
He said the House would ensure that the bank was given all necessary support towards continuous delivery on its mandate.
The current management team had inherited a loss of about N5.6 billion in 2009 before returning to profitability the following year with a profit of a N189 million.