The Nigerian Export-Import Bank (NEXIM) has signed a memorandum of understanding with the Kwara State Government as part of the bank’s effort to achieve the federal government’s drive to increase economic growth and job creation by boosting investments in the non-oil export sector.
NEXIM said it is driving that vision through a partnership arrangement with state governments under its state export development programme.
In furtherance of this objective, an agreement was signed during the 2023 Intra-African Trade Fair, which took place from 9th to 15th November 2023 in Cairo Egypt to upscale the production and boost the export of a vast array of Agricultural and Mineral commodities in Kwara state, the bank said in a statement by its head, strategy and corporate communications, Mr. Tayo Omidiji.
Kwara State Governor Abdulrahman AbdulRazaq, signed the agreement for the state government, while the MD/CE of NEXIM Bank, Abba Bello signed for MEXIM.
The MoU signing was preceded by deliberations between the two parties on the various ongoing and prospective economic projects of the state government, including the industrial park, the IsDB-backed agro-processing zone, sugar processing factory, garment and Shea butter factories, solid mineral projects, and the visual arts centre, which is unique in the West Africa sub-region.
The partnership will qualify agencies of entrepreneurs and exporters in Kwara State to access the state export development funds and other facilities upon fulfilment of relevant terms and conditions as was agreed with NEXIM Bank.
It further entails the provision of financial and export advisory services which will include working out financing arrangements, and investment mix as well as facilitating export market off-take, especially for SMEs and businesses operating in the export value chain that support women and youth empowerment.
Governor AbdulRazaq stated that the state government has invested in different projects and adopted policy initiatives that seek to diversify the local economy, including the reduction of the telecommunication right-of-way from N5,500.00 to N1.00 and emphasised that the policy initiative has yielded significant results for the state. He reiterated his commitment to expand the efforts of his administration to develop the economic potential of the state.
Also, NEXIM’s Bello spoke about the initiatives of the bank to promote at least one exportable commodity in every state of the federation towards achieving the economic diversification and expansion drive of the federal government. He added that the proposed partnership with Kwara State will position the state and north-central region towards effective participation in the continental market under the African Continental Free Trade Agreement (AfCFTA).
In closing, both parties agreed to work together to unlock the opportunities, towards boosting the contribution of the state to non-oil exports and the economic diversification objectives of the federal government of Nigeria.
NEXIM Bank is one of the federal government agencies attending the IATF 2023 which winds down on Wednesday, November 15, 2023
Attended by over 4,000 delegates, exhibitors, and industry leaders, the IATF is the marketplace for the AfCFTA, the largest free trade area which brings together African nations of the African Union and eight regional economic communities to create a single market for the continent.
The event is organized bi-annually by the African Export-Import Bank (Afreximbank) and the African Union Commission (AUC).
