News
NEXIM Bank urges SMEs in South-East, Delta State to access N500bn ESF
By Joseph INOKOTONG
The Nigerian Export-Import Bank (NEXIM) has called on export-oriented Small and Medium Entrepreneurs in the South-east and Delta States to access the N500 billion Export Stimulation Facility (ESF) and the N50 billion Export Development Fund being managed by the Bank to boost their businesses.
The money would also enhance more jobs creation, and contribute to the foreign exchange revenue earnings of the country.
This call was made in a statement by the Managing Director and CEO of NEXIM, Mr. Abba Bello, and made available by the Bank’s Enugu Regional Office after a one-day seminar on “Leveraging NEXIM Bank Facilities to Unleash your Export Potential.”
The seminar took place at the Oaklands Centre, Enugu, organised by the Bank and the SME Centre, Enugu.
The facilities were made available to NEXIM Bank last December and will lend at a maximum of 9% interest rate.
They funds were designed to redress the declining export credit to SMEs and reposition the non-oil sector to increase its contribution to the country’s revenue generation and economic development.
The improved export financing for non-oil exporters will enable them to upscale and expand their businesses and improve their competiveness.
Speaking on behalf of the Bank’s MD/CEO, the Head of the Bank’s Enugu Regional Office, Mr. Chinedu Moghalu stated that the funds are being made available to the NEXIM by the Central Bank of Nigeria at a time the Bank has decentralized its operations to all the regions of the country for easier accessibility of its products and services to maximize their impacts.
According to him, “NEXIM Bank is determined to ensure these funds achieve the desired impact of triggering non-oil export development, growth and economic progress in line with its mandate as the Trade Policy Bank of the Federal Government and the applicable CBN guidelines for the implementation of the facilities.”
A statement issued by the Nigerian Export-Import Bank (NEXIM), Enugu Regional Office said the representative of the Enugu State Governor and Special Assistant on SME Development, Anayo Agu, stated that the programme has come at the right time.
According to him, “the opening of NEXIM Bank Regional Office for the South-east and Delta States in Enugu, and the invitation to the SMEs to access affordable non-oil export facilities, had been the missing link in the efforts of various Governments in the region to derive maximum benefits from their investments in the SME value chain, especially in the agriculture and other non-oil sectors. It provides us the platform to reach heights we could only dream about before now.”
The objectives of the ESF as contained in the CBN guidelines are to: a) Improve access of exporters to concessionary finance to expand and diversify the non-oil export baskets; b) Attract new investments and encourage re-investments in value-added non-oil exports production and non-traditional exports; c) Shore up non-oil export sector productivity and create more jobs; d) Support export oriented companies to upscale and expand their export operations as well as capabilities; e) Diversify and increase the level of contribution of non-oil exports revenue towards sustainable economic development; and f) Broaden the scope of export financing instruments.
The transactions permissible for funding under the ESF include, export of goods wholly or partly processed or manufactured in Nigeria; export of commodities and services, which are permissible and excluded under existing export prohibition list; imports of plant and machinery, spare parts and packaging materials, required for export oriented production that cannot be produced locally.
Other businesses eligible under the ESF are export value chain support services such as transportation, warehousing and quality assurance infrastructure; resuscitation, expansion, modernization and technology upgrade of non-oil exports industries. Stocking facility and working capital can also qualify for funding under the ESF.
Potential applicants to the ESF can either send their requests through their local commercial banks or directly to NEXIM as the revised CBN guidelines assigns the Bank a dual role of both manager and participating financial institution.
The N50 billion Export Development Fund will be managed by NEXIM and implemented in collaboration with the State governments.
NEXIM has earmarked at least N1 billion for each State under the State Export Development Programme component aimed to catalyse and incentivize export investment to promote diversification and industrialization.
Through the Programme, NEXIM Bank will also have a programme for Women/Youth Development, especially to provide support to industries that are involved in Apparel/Garmenting, Cashew, Shea, etc.
The Central Bank Governor, Mr. Godwin Emefiele had stated at the announcing of the funds in December 2017 that the ESF can also be implemented by adapting the Anchor Borrowers Programme framework while promoting the PAVE initiative.
According to Moghalu, “The overall aim of the ESF and EDF is to lower the costs of Nigerian exporters so that their products can be priced at a level where they can compete with other products around the world.”
The NEXIM Bank Regional head urged eligible export-oriented companies in the Southeast and Delta States with permissible transactions under the schemes to participate in the funding scheme by submitting proposals for consideration through the financial institutions of their choice or directly to NEXIM Bank.
He emphasised that as Nigeria’s sole export credit agency, NEXIM Bank remains the only window through which the Government can provide export financing for non-oil products and services.
Thanking the participants and other stakeholders on behalf of the NEXIM MD, Mr. Moghalu gave assurance that the Bank is committed to working assiduously, in line with its mandate, to fully realise the objectives of the schemes and stated a readiness to provide the necessary advice, additional information or clarifications as may be required.
He thanked the Nigerian Export Promotion Council (NEPC), the Manufacturers’ Association of Nigeria (MAN), the commodity associations and other organised private sector for their relentless technical support, partnership and collaboration as well as the commitment to work with the Government and private sector in Nigeria to diversify the economy, create jobs, boost industrial production and exports.
Other participants at the seminar were Southeast Government officials; representatives from the members of various chambers of commerce and industries; SME professionals in the banking sector; as well as the media.
News
“Nigeria’s Biggest Ever Coalition, Civil Groups, Professionals, Labour, Artisans, Declare for Bola Tinubu”
In what is being described as an unprecedented political development ahead of the 2027 general elections, a broad-based national coalition cutting across civil society organisations, professional bodies, labour groups, artisan associations, and other grassroots networks has announced plans to formally endorse President Bola Ahmed Tinubu for a second term in office.
The coalition, spearheaded by the Coalition of Civil Society Organisations in Nigeria, COCSON, now extends far beyond the traditional civic space, bringing together over 1,500 groups from diverse sectors of the Nigerian society. Participants include human rights organisations, medical and legal professionals, trade and artisan unions, community-based organisations, and influential labour leaders, reflecting a wide national spread and multi-sectoral backing.
The historic convention is scheduled to hold on May 17, 2026, where leaders and representatives of the various groups are expected to converge in what organisers say will be the largest endorsement gathering in Nigeria’s history. The event will serve as the official platform for the coalition to collectively declare support for President Tinubu’s re-election bid.
In a major demonstration of grassroots mobilisation, the coalition also revealed plans to submit a compiled total of 20 million signatures of Nigerians who have endorsed the President’s candidacy. The signatures, gathered through extensive nationwide engagement, are being positioned as a clear indication of public support cutting across regions, professions, and social strata.
Organisers of the event stated that the decision to back President Tinubu is driven by what they described as tangible strides in economic reforms, governance, and national stability. They emphasised that the inclusion of non-traditional actors such as artisans, market groups, and labour unions underscores a broader national consensus that transcends the usual civil society framework.
Political analysts say the scale and diversity of this coalition mark a significant shift in Nigeria’s political landscape, where support structures are no longer confined to political parties and elite stakeholders but are increasingly driven by a fusion of grassroots and professional constituencies.
As momentum builds towards the May 17 convention, observers are keenly watching how this expansive alliance will shape political narratives and influence voter sentiment in the lead-up to the 2027 elections.
Further details on the convention and breakdown of participating groups are expected to be unveiled in the coming days.
In what is being described as an unprecedented political development ahead of the 2027 general elections, a broad-based national coalition cutting across civil society organisations, professional bodies, labour groups, artisan associations, and other grassroots networks has announced plans to formally endorse President Bola Ahmed Tinubu for a second term in office.
The coalition, spearheaded by the Coalition of Civil Society Organisations in Nigeria, COCSON, now extends far beyond the traditional civic space, bringing together over 1,500 groups from diverse sectors of the Nigerian society. Participants include human rights organisations, medical and legal professionals, trade and artisan unions, community-based organisations, and influential labour leaders, reflecting a wide national spread and multi-sectoral backing.
The historic convention is scheduled to hold on May 17, 2026, where leaders and representatives of the various groups are expected to converge in what organisers say will be the largest endorsement gathering in Nigeria’s history. The event will serve as the official platform for the coalition to collectively declare support for President Tinubu’s re-election bid.
In a major demonstration of grassroots mobilisation, the coalition also revealed plans to submit a compiled total of 20 million signatures of Nigerians who have endorsed the President’s candidacy. The signatures, gathered through extensive nationwide engagement, are being positioned as a clear indication of public support cutting across regions, professions, and social strata.
Organisers of the event stated that the decision to back President Tinubu is driven by what they described as tangible strides in economic reforms, governance, and national stability. They emphasised that the inclusion of non-traditional actors such as artisans, market groups, and labour unions underscores a broader national consensus that transcends the usual civil society framework.
Political analysts say the scale and diversity of this coalition mark a significant shift in Nigeria’s political landscape, where support structures are no longer confined to political parties and elite stakeholders but are increasingly driven by a fusion of grassroots and professional constituencies.
As momentum builds towards the May 17 convention, observers are keenly watching how this expansive alliance will shape political narratives and influence voter sentiment in the lead-up to the 2027 elections.
Further details on the convention and breakdown of participating groups are expected to be unveiled in the coming days.
News
How ISWAP killed Army Col. Six others in Borno.
☆☆☆As Troops Foil Series of Ambushes.
Troops of the Nigerian Army under operation Hadin Kai have foiled a series of ambush by suspected members of the Islamic State West Africa Province (I SWAP) terrorist along the Monguno in Borno state.
Islamic state of West Africa province (ISWAP) have attacked the Nigerian army from Monguno 242 Battion Barrack in Borno State on their way to reinforce the camp.
A serving Nigerian Army Colonel was reportedly killed in an ambush by insurgents in Monguno, Borno State, during a reinforcement mission
Source added said that colonel I.A. Muhammad was ambushed by ISWAP and killed along with four other soldiers.
Community confirmed that the troops who were on a fighting patrol as part of operation,came under fire from suspected terrorists
As of the time of felling this report, there has been no official statements from the Nigerian Army regarding the accident.
News
Dogara Felicitates Dangote at 69, Applauds His Enduring Impact on Africa
Hon. Yakubu Dogara, former Speaker of the House of Representatives and Chairman of the Credit Guarantee Company Limited (NCGC), has joined Nigerians and the global business community in celebrating Alhaji Aliko Dangote on his 69th birthday. In a detailed tribute, Dogara described Dangote as “a visionary whose life’s work has become a cornerstone of Africa’s economic transformation.”
Dogara emphasized that Dangote’s entrepreneurial journey is one of resilience and foresight. From humble beginnings, he built the Dangote Group into Africa’s largest conglomerate, with investments spanning cement, sugar, salt, fertilizers, and the landmark Dangote Refinery. These ventures, Dogara noted, have not only revolutionized industries but also created millions of jobs, strengthened Nigeria’s economy, and reduced dependence on imports. “Alhaji Dangote is not just an entrepreneur; he is a nation-builder whose vision has redefined what is possible for Nigeria and Africa,” Dogara said.
He pointed out that the Dangote Refinery, in particular, represents a turning point in Nigeria’s energy sector, offering the promise of self-sufficiency in petroleum products and positioning the country as a major player in global energy markets. “This singular achievement underscores his commitment to solving Africa’s most pressing challenges through bold and innovative solutions,” Dogara remarked.
Beyond his industrial empire, Dogara praised Dangote’s philanthropy through the Dangote Foundation, which has invested heavily in healthcare, education, and humanitarian relief. From building hospitals and funding scholarships to providing aid during crises, Dangote’s generosity has touched countless lives across the continent. “His philanthropy reflects a deep commitment to humanity. He has shown that true greatness lies not only in building industries but also in uplifting lives,” Dogara added.
Dogara also reflected on the inspirational power of Dangote’s story, stressing that his rise from modest beginnings to global prominence serves as a beacon of hope for young Africans. “His journey proves that with hard work, faith, and determination, Africans can build enterprises that rival the best in the world. He remains a shining example of African excellence,” he concluded.
As Dangote celebrates his 69th birthday, his legacy continues to resonate far beyond Nigeria’s borders. His life stands as a testament to the transformative power of vision, enterprise, and compassion—an enduring reminder that Africa’s future can be defined by innovation, resilience, and generosity
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