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
Hon. Dattuwa Congratulates Kabiru Masari on Appointment as Tinubu’s Special Adviser
The appointment of Alhaji Ibrahim Kabiru Masari as Special Adviser on Political Affairs to President Bola Ahmed Tinubu has been widely applauded, with party leaders and stakeholders describing it as a strategic move to strengthen the All Progressives Congress (APC) and advance Nigeria’s democratic governance.
In a congratulatory message, Hon. Dattuwa Ali Kumo, Chairman of the Board of Trustees of the Industrial Training Fund (ITF) and Deputy National Financial Secretary of the APC, commended Masari’s elevation, calling it “a well-deserved recognition of his loyalty, competence, and political acumen.”
Hon. Dattuwa emphasized that Masari’s appointment comes at a critical time when the APC must consolidate its leadership and foster unity across diverse political interests. He noted that Masari’s vast experience and inclusive approach will not only strengthen the party’s internal cohesion but also provide President Tinubu with valuable counsel in shaping policies that promote national growth and stability.
“Alhaji Kabiru Masari has consistently demonstrated resilience and a deep commitment to progressive governance. His new role will serve as a vital link between government and party structures, ensuring that the APC remains responsive to the aspirations of Nigerians while guiding the President toward decisions that will strengthen both the party and the country at large,” Hon. Dattuwa stated.
Political analysts have observed that Masari’s appointment underscores President Tinubu’s determination to surround himself with trusted allies who possess both political depth and organizational skill. They argue that Masari’s advisory role will enhance the administration’s political strategies, reinforce the APC’s grassroots presence, and contribute to the overall growth of Nigeria’s democracy.
Stakeholders across the APC have expressed optimism that Masari’s new position will play a significant role in shaping the party’s future direction and ensuring the success of President Tinubu’s government. For many, his appointment is seen not only as a recognition of his personal qualities but also as a step toward building a more inclusive and responsive political structure that aligns with the aspirations of Nigerians.
News
Dogara Hails Obasanjo at 89: A Towering Statesman of Enduring Legacy
At 89, Chief Olusegun Obasanjo stands as one of Africa’s most enduring statesmen, a leader whose life has been defined by sacrifice, resilience, and service. His birthday is not just a celebration of longevity, but a reflection on a legacy that continues to shape Nigeria and the continent.
Former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, paid glowing tribute to the former president, describing him as “a statesman of uncommon stature” whose contributions to Nigeria’s unity, democratic consolidation, and economic reforms remain unmatched.
Dogara noted that Obasanjo’s leadership journey — from military command to civilian presidency — reflects courage and vision that left indelible marks on Nigeria’s political and economic landscape. He praised Obasanjo’s role in strengthening democratic institutions, spearheading anti-corruption initiatives, and amplifying Nigeria’s voice in global affairs.
Beyond Nigeria, Dogara highlighted Obasanjo’s interventions in African peace processes, stressing that his mediation efforts earned him respect as a continental leader and global diplomat. He further described Obasanjo as a mentor and conscience of the nation, whose courage to speak truth to power and insistence on justice and equity have made him a moral compass for leaders and citizens alike.
Concluding his tribute, Dogara offered prayers for Obasanjo’s continued health and wisdom: “At 89, Baba Obasanjo stands as a living testimony of God’s grace and favor. May his legacy forever shine as a beacon of hope for Nigeria and Africa.”
News
Right Group Demands Expedited Actions on Pipeline Surveillance Contract Probe
A Coalition of civil society organizations on Transparency and Accountability in partnership with the Empowerment for Unemployed Youth Initiative (EUYI) has urged the Nigerian Senate to stand firm in the pipeline surveillance contract probe, even as they called on President Bola Ahmed Tinubu take appropriate actions at the end of the probe to pacify angry Nigerians who are tired of excuses.
In a press text signed by Igwe Ude-Umanta and Prince Danesi Momoh Prince; Convener and National Coordinator of EUYI respectively, copies of which were distributed to journalists, the Coalition frowned at the fact that Nigeria has become a country where very bizarre and abnormal things have become not only normal, but most times, cultural.
According to the text, “we are a country where simple things are made complicated while organised crimes are clothed in official regalia, everybody moves as if nothing is happening, even when the nation is hacked. This should by all means stop!
“The Nigerian Naval Force which later became the Nigerian Navy in 1964 was established with the primary responsibility of protecting and defending Nigeria’s vast coastline and Exclusive Economic Zone (EEZ) which covers over 200 nautical miles from the shoreline.
“Also, sections 3 and 4(a) of the Armed Forces Act (2004) clearly defines the roles of the Armed Forces of the Federal Republic of Nigeria, and in this particular subject matter, the Nigerian Navy. Nothing in that law suggests or anticipates that the Nigerian Navy could cede or share the responsibilities of maritime security with any other agency, much less a private security company.
“Consequently, the entire pipeline surveillance contract is not only an aberration, but a conscious attempt at removing constitutional duties from the Nigerian Navy; handing immense and dangerous security powers to possible non-state actors under the guise of security companies and tantamount to paying suspected thieves to keep them from stealing.
“It is alleged that the pipeline surveillance contract costs Nigeria up to N2.5 trillion. And no review, analysis or audit have been carried out to even ascertain if this clearly unconstitutional contract is beneficial to Nigerians, or it is just a shameful way of surrendering to would-be oil thieves and pipeline vandals. This is indeed an unfortunate organised national fraud said to be packaged by some of the political and military elite as well as top NNPCL officials.
“There is no way of justifying this pipeline surveillance contract which is mainly handled by 3 known persons/interests (outside the masquerades and unseen forces behind it). The contract is a shameful surrender to non-state actors, an abuse of the military institution of the Nigerian Navy and fraudulent package to benefit a few interests at the expense of other actors and the general public.
In any case, the issue of protection of oil and gas installations and facilities, including pipelines has been settled under the Petroleum Industry Act.
“In establishing the Host Community Development Trust (HCDT) under Section 235 of the Act, responsibilities were assigned to host communities which includes the protection of oil and gas installations and facilities.
Section 257 of PIA specifically states: ‘where in a year, an act of vandalism, sabotage, or other civil unrest occurs that causes damage to the petroleum and designated facilities or disrupts production activities within the host communities, the community shall forfeit its entitlement to the extent of the cost of the damage that resulted from the activity with respect to the provisions of this Act within that financial year…”
The Coalition noted that the provision above places surveillance of any type in the hands of the host communities as a condition for receiving or losing the 3% derivation from the operating oil companies (settlor) and queried why handing trillions of naira annually to a few persons for pipeline surveillance across the Niger Delta.
“There is hardly any legal or very logical way of justifying or explaining this multi-trillion pipeline surveillance contract. It should not continue. It is a fraud and injustice against Nigeria, particularly, the vast communities of the Niger Delta who are excluded from the contract. While we are totally against fraud of any type or package, we insist that if it must continue, it should therefore be democratized.
“What is good for Gbaramatu or Ode-Itsekiri is also good for Nembe or Ikot-Abasi.
We therefore welcome the probe of this alleged scam called pipeline surveillance contract by the Senate of the Federal Republic of Nigeria. We know that the forces behind this “free money” are powerful and vested. But they cannot be more powerful that the institution of the Nigerian Senate.
“The Senate should therefore show itself as a force for accountability in Nigeria. It must not fail.
Also, we call of His Excellency, President Bola Ahmed Tinubu, GCFR, President. Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria who is also the Minister of Petroleum Resources to look into this surveillance contract which did not start in his administration.
“The contract is now being called out for being basically a fraud. It should be reviewed and possibly terminated while the Navy is allowed to continue with its constitutional duties.
Our eyes are on the Senate and we are hopeful that Mr. President will act decisively”, the text concluded.
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