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Investing - NEXIM Bank to help generate $5bn yearly

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Investing – NEXIM Bank to help generate $5bn yearly

Home/Investing/Investing – NEXIM Bank to help generate $5bn yearly

Investing – NEXIM Bank to help generate $5bn yearly

Investing – NEXIM Bank to help generate $5bn yearly

 

Mr. Bashir Wali, Ag Managing Director/CEO, Nigerian Export-Import Bank (NEXIM Bank), speaks with Jide Akintunde, Managing Editor, Financial Nigeria magazine, on the innovative export financing facilities newly-introduced by the Central Bank of Nigeria and are being managed by NEXIM Bank to boost non-oil export revenue.

NEXIM Bank

Jide Akintunde: The Central Bank of Nigeria (CBN) recently provided two intervention funds for NEXIM Bank to manage to stimulate non-oil exports. In specific terms, what are the objectives the CBN wants to accomplish with the funds, within the broader canvass of the economic policy of the Federal Government?

Bashir Wali: The Funds were introduced as part of the efforts of Government to address the persistent overdependence of the Nigerian economy on revenue from crude oil exports. With the rebasing of Nigeria’s Gross Domestic Product (GDP) in 2014, it became clear that the economy has become well diversified with the services sector contributing 54.8% of the GDP. The contribution of agriculture, which used to be about 35% of GDP prior to rebasing, has been diluted to 22%; while the oil and gas sector accounted for only about 14%.

In spite of this changing dynamics, however, the oil and gas sector continued to account for about 70% of government revenues and 95% of export earnings. This is due to the non-diversification of our external sector and the poor competitiveness of Nigeria’s non-oil exports.

Our non-oil export sector has continued to be challenged by a myriad of problems. Prominent amongst these problems is low investment and poor access to credit. Over the last five years, credit flow to the export sector has not only been low, but it has also declined, accounting for an average of 0.6% of total domestic credit to the private sector. High risk aversion and dearth of long-term funds at competitive interest rates in the commercial banking system are largely responsible for the low access to credit. – See more at: http://www.financialnigeria.com/nexim-bank-to-help-generate-5bn-yearly-with-facilities-for-exporters-interview-52.html#sthash.aVYuQTi8.dpuf

By | 2016-08-14T13:54:48+00:00 August 14th, 2016|Categories: Investing|Tags: , , |0 Comments

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