Kwara Signs Agreement With NEXIM On Export Development Funds

Kwara State government has struck a partnership deal with the Nigerian Export Import Bank (NEXIM) towards facilitating export-related industrialisation and investment promotions around local resources in the state.

A statement signed by the chief press secretary to the state governor, RafiuAjakaye, said the signing of the deal occurred  in Cairo, Egypt, on the sidelines of the Intra-African Trade Fair (IATF) following briefings on the various economic projects of the state government, especially the under-construction industrial park, the IsDB-backed agroprocessing zone, sugar film factory, garment and Shea butter factories, solid minerals, and the visual arts centre, which is unique in West Africa.

The statement said Governor AbdulRazaq signed the deal for the state government while NEXIM was represented by its managing director, Abba Bello.

The statement reads, “The deal will qualify Kwara and private exporters of non-oil commodities operating in it for State Export Development Funds and other supports upon fulfilment of relevant terms.

“The MoU involves NEXIM offering financial and export advisory services, which may include working out financing arrangements, investment mix as well as facilitating export market off-take, especially for SMEs and businesses related to women and youth empowerment.

“The Governor said the government has invested in different projects and adopted policy initiatives that seek to diversify the local economy, including the reduction of the telecom right-of-way from N5,500.00 to N1.00.

“That policy initiative has yielded significant results for the state. Some 500 kilometres of fibre optic cable have been laid as a result. This has tremendous impacts on internet penetration and connectivity.

“The Governor said the state has also secured financial commitments and strategic partnerships for its innovation hub from IHS.

“The state government’s team also held a brief meeting with the AfriEximBank during which Governor AbdulRazaq pitched the industrial park and other state-funded projects, saying the state is open to public private partnership arrangement to make the projects viable and sustainable in the interest of the people.”