As parts of efforts to improve exports in the non-oil sector of the economy, the Nigerian Export-Import Bank is targeting a total of N275 billion as funding intervention to enhance exports in the non-oil sector within the next five years.
The five-year intervention package which covers between 2011-2015. The bank is planning a yearly intervention of N37 billion, N41 billion, N50 billion, N63 billion, and N94 billion respectively.
The managing director of NEXIM Bank, Mr. Roberts Orya, during a press conference in Abuja, said through the intervention, huge amount of foreign exchange would be earned for the country.
He stated that a lot of jobs would be created for Nigeria, and capacity utilisation in the non-oil sector would be enhanced.
According to him, “In the last four years, we’ve been able to support non-oil exports to the tune of N20.04 billion to generate over $200 million in foreign exchange, we have created a lot of jobs, a lot of industrial capacity has been enhanced in the non-oil sector. Our strategic projection is to support the non-oil sector to the level of 5 years which is between 2011 progressively to 2015.
He argued that “one thing we have noticed is that the non-oil export is very low. When we talk of exports you will discover that this sector contributes a significant percentage to our total exports in this country, and we think there is need to enhance the level of non-oil contributions of the country”.
Orya noted that the bank was facilitating deepening trade within the sub-region to make Nigerian exports more competitive, enhance the non-oil contributions to in turn boost economic growth.
“Within the ECOWAS sub-region, Nigeria’s exports are just at 15 per cent. We want to move this to a higher level. We are presently in talks with a group of South African miners who intend to visit the country next month”, he said.
Orya further explained that the bank was facilitating the setting up of an ECOWAS company that would serve as a vehicle that would acquire and own cargo vessels that would handle the transportation of goods across the region, adding that three countries within the region want to invest in the project and have it listed on the various Stock Exchanges in the ECOWAS sub-region.
He however, identified operational funding as the major challenge facing the bank.