The Nigerian Export Import Bank (NEXIM) has created a N6 billion North-East Intervention Fund to support exporters in the insurgency-ravaged region.
The bank in a statement announcing the facility, indicated that its delegation had visited the region for an on-site assessment of export-oriented projects in the geo-political zone of the country.
The delegation was led by Mr. Bala Bello, the Executive Director, Corporate Services, who represented the Managing Director, Mr. Abba Bello and was accompanied by the Executive Director, Business Development, Hon. Stella Okotete, amongst other senior management staff
Okotete, was quoted as saying that the fund is provided as part of current efforts of the Federal Government to rebuild crisis-ridden region.
She explained: “Given the peculiarity of the area, a North-East Intervention Fund has been created with about N6 billion earmarked for exporters in the region.’’
The banks top shot advised small and medium scale business owners in the region to form themselves into cooperatives to provide the corporate structure required to enable them benefit from the fund.
According to her, the bank’s delegation visited the region to conduct an on-site assessment of export-oriented projects for more funding and to sensitise exporters in the region on the N500 billion Export Stimulation Facility (ESF) and how to access it.
She explained further that another reason for the visit was to enable the bank create more awareness about the N50billion Export Development Fund (EDF), being managed by the bank, in collaboration with the Central Bank of Nigeria (CBN).
Okotete noted that N500bn Export Stimulation Facility was available to export oriented projects, under a scheme coined Produce, Add Value and Export (project PAVE), which encouraged entrepreneurs, particularly those in the agricultural value chains, to access the facility at single digit interest rate.