Nigeria Export-Import (NEXIM) Bank has unveiled plans to provide a N5 billion facility to revitalize Multi-Trex Integrated Foods Limited, one of the nation’s largest cocoa processing companies.
This is even as the management of the NEXIM bank restated its commitment to continue to collaborate with all stakeholders towards meaningful development of the nation’s cocoa industry.
The bank’s Managing Director, Abubakar Abba Bello, gave these hints during a joint facility tour of the company by the management of the bank in company of the House of Representatives Committee on Banking and Currency.
Bello disclosed that discussions had reached advanced stage with the Asset Management Corporation for a restructuring of the ailing cocoa processing company’s obligation for a period of five years, while NEXIM would provide a working capital of N5 billion to enable the factory commence full operations.
The NEXIM bank chief urged entrepreneurs in the cocoa processing value chain to avail themselves of the N500 billion single digit interest rate funding incentive provided by the Central Bank of Nigeria (CBN) but being managed by the bank to improve their operations.
He said: “It is our determination to bring back Multi-Trex to life. This will create jobs and encourage export.”
In his remarks, the Chairman of House of Representatives’ Committee on Banking and Currency, Hon. John Onyereri, restated the need to encourage the private sector to advance the growth of the economy by reducing the interest rate on loans.
The lawmaker explained that the OPS must be provided all needed support given the strategic roles it plays in the nation’s economy.
He lamented the nation’s low industrial capacity, pointing out “that we pride ourselves to have the biggest economy in Africa while our private sector’s contribution to the GDP is small.”
The Chief Executive Officer of Multi-Trex, Mr Dimeji Owofemi, said cocoa remained the largest non-oil commodity in the country, adding that the best options open to operators to optimize the potentials of the commodity is to collaborate with the regulatory and development finance institutions to fast tract the revival of the cocoa processing plants.