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Fed Govt directs NEXIM bank to increase funding to critical sectors

Published by The Nation on Tue, 04 May 2021

By Nduka Chiejina, (Assistant Editor), AbujaThe Federal Government has mandated the Nigeria Export-Import Bank (NEXIM) to increase its funding to critical sectors.Minister of Finance Budget and National Planning Mrs Zainab Ahmed gave the directive in Abuja while inaugurating the two new non-executive directors of NEXIMMallam Kabiru Hassan and Mr. Ede O. Dafinone.She urged NEXIM management to increase funding to boost productivity and exports in agriculture, manufacturing and services.The finance minister also urged NEXIM to promote private sector investments in maritime logistics infrastructure.According to her, the main objective of NEXIM is to be significant player in the non-oil export sector and in the revitalisation programmes such as the Economic Recovery and Growth Programme (ERGP).Read Also:Nigeria, others need $245b external funding in five-years, says IMFThe finance minister commended NEXIM for its performance which has seen the bank return to profitability as well as reducing non-performing loans.Hassan and Dafinone, she urged, should bring their experience in the private sector to NEXIM.Hassan, an expert in commodity sourcing, trading and distribution, had a stint with Union Bank of Nigeria Plc.Dafinone, also an expert in export and import, is the Chairman of Manufacturers Association of Nigeria Export Promotion Group and member, National Council of Manufacturers Association of Nigeria, among others.She stated: I have no doubt that your selection and subsequent appointments were based on your track record of achievements. I dare say, NEXIM Bank has been given more impetus to succeed in achieving its mandates. As you are being inaugurated, I charge you to bring your vast wealth of experience garnered in the private sector to bear in the operations of NEXIM, while pledging the Ministrys continued support to NEXIM in the discharge of its mandates.Managing Director of NEXIM bank, Mr. Abba Bello, thanked the Federal Government for appointing professionals with vast knowledge in the industry, stressing that with their experience, they will add value to NEXIM.He pledged that, though there is an enormous task of diversification, the management and board of the bank would do their best to justify the confidence of government in them.
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