NEXIM, Kwara Partner On Industrialisation, Commodities Export

Date: 2023-11-17

The Nigerian Export-Import Bank (NEXIM) has signed a memorandum of understanding with the Kwara State Government as part of the bank’s effort to achieve the federal government’s drive to increase economic growth and job creation by boosting investments in the non-oil export sector.

NEXIM said it is driving that vision through a partnership arrangement with state governments under its state export development programme.

In furtherance of this objective, an agreement was signed during the 2023 Intra-African Trade Fair, which took place from 9th to 15th November 2023 in Cairo Egypt to upscale the production and boost the export of a vast array of Agricultural and Mineral commodities in Kwara state, the bank said in a statement by its head, strategy and corporate communications, Mr. Tayo Omidiji.

Kwara State Governor Abdulrahman AbdulRazaq, signed the agreement for the state government, while the MD/CE of NEXIM Bank, Abba Bello signed for MEXIM.

The MoU signing was preceded by deliberations between the two parties on the various ongoing and prospective economic projects of the state government, including the industrial park, the IsDB-backed agro-processing zone, sugar processing factory, garment and Shea butter factories, solid mineral projects, and the visual arts centre, which is unique in the West Africa sub-region.

The partnership will qualify agencies of entrepreneurs and exporters in Kwara State to access the state export development funds and other facilities upon fulfilment of relevant terms and conditions as was agreed with NEXIM Bank.

It further entails the provision of financial and export advisory services which will include working out financing arrangements, and investment mix as well as facilitating export market off-take, especially for SMEs and businesses operating in the export value chain that support women and youth empowerment.

Governor AbdulRazaq stated that the state government has invested in different projects and adopted policy initiatives that seek to diversify the local economy, including the reduction of the telecommunication right-of-way from N5,500.00 to N1.00 and emphasised that the policy initiative has yielded significant results for the state. He reiterated his commitment to expand the efforts of his administration to develop the economic potential of the state.

Also, NEXIM’s Bello spoke about the initiatives of the bank to promote at least one exportable commodity in every state of the federation towards achieving the economic diversification and expansion drive of the federal government. He added that the proposed partnership with Kwara State will position the state and north-central region towards effective participation in the continental market under the African Continental Free Trade Agreement (AfCFTA).

In closing, both parties agreed to work together to unlock the opportunities, towards boosting the contribution of the state to non-oil exports and the economic diversification objectives of the federal government of Nigeria.

NEXIM Bank is one of the federal government agencies attending the IATF 2023 which winds down on Wednesday, November 15, 2023

Attended by over 4,000 delegates, exhibitors, and industry leaders, the IATF is the marketplace for the AfCFTA, the largest free trade area which brings together African nations of the African Union and eight regional economic communities to create a single market for the continent.

The event is organized bi-annually by the African Export-Import Bank (Afreximbank) and the African Union Commission (AUC).



Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Michael Ologundea     Oluwatoyin Lukman     Balogun Gambari     Idris Amosa Oladipo Saidu     Ubandawaki     Sheikh Ariyibi     Kwara State Fire Service     Abdulrauf Yusuf     Seni Saraki     Mohammed Kamaludeen     Alimi Abdulrazaq     Roseline Oni Aremu     MMWG     Olayinka Jelili Yusuf     Kupchi Hosea Maxwell     The Herald     Abdulwahab Oba     CKNG     Sobi FM     Harmony Holdings     Ilorin Curfew     Abdulkadir Akanbi-Oke     Elekoyangan     Rihanat Ajia     Bello Oyedepo     Amuda Bembe     Abdulmajeed Abdullahi     Olawuyi     Barakat Community Secondary School     Split Diamond Interchange     Tanke Flyover Bridge     Olatunde Oyeyiola     Sa\'adu Salahu     Muhammed Akanbi     Leke Ogungbe     Garment Factory     Chief Imam Of Omu-Aran     Egbejila     KWSIEC     Kwara Central     Offa Metropolitan Club     Bola Tinubu     Radio Kwara     Isaac Gbenle     John Olajide Adedipe     Ajakaye     Bolakale Ayo     Dan Iya     Ogbondoroko     Amuda Aluko     Hydroelectric Power Producing Areas Development Commission     Solomon Edoja     Elerinjare     Kwara Hotel     Tafida Of Kaiama     Ahmed     Olomu     Owo Isowo     Vasolar Consultoria     Amos Sayo     Bamidele Adegoke Oladimeji     Abdulrazaq Sanni     Jumoke Monsura Gafar     Admiralty Villa     Dasuki Belgore     Bayer AG     Babata     Kwara Restoration Project     Abubakar Baba Sulaiman     Adebayo Salami     Sango-UITH Road     Ilorin Emirate     Bello Oyebanji     Elections     Clement Yomi Adeboye     SDP     Abdulfatai Baakini    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Iqra Books     Funmi Salau     Olaitan Buraimoh     School Of Nursing     Mohammed Lawal Bagega     KFA     Adedeji Onimago     Abdulfatai Salman Baakini     Kale Belgore     Abdulrahman Abdullahi Kayode     Ishaq Oloyede     Baba-Isale     Eghe Igbinehi     Abdulrazak Shehu Akorede     Isiaka AbdulRazaq     PPS     Offa Metropolitan Club     Kamaldeen Kehinde     Ijagbo     Ojuekun     Orisa Bridge     Sanitation Exercise     Lanwa     Abubakar Lah     Old Oyo     Bond     Ilorin West/Asa Federal Constituency     Adesina Simon Sodiya     Michael Ologundea     Dele Momodu     A.E. Afolabi     Afetu Of Alabe     Towobola Abdulrahman Toyin     Aro Yahaya     Iyiola Oyedepo     Ahmed Bolaji Nagode     Ayobami Seriki     Unicontinental Construction Company     Kwara Apc     Adamu B. Yaqubu     Ibrahim Akaje     Lateef Ademola Olatunji     Bankole Omisore     Okanlawon Musa     Centre For Digital Economy     Doyin Agbamu     Tayo Awodiji     Special Agro-Industrial Hub     Isiaka Saka Opobiyi     Abdullahi Imam Abdullahi     Arinola Lawal     PAACO-PCL Consortium     Bola Sagaya     Omotoso     Ita-Ore     Onikijipa     Olabode Towoju     Razak Atunwa     Samari     National Union Of Road Transport Workers     Asa     Facemasks     Abubakar Abdullahi Bata     Iyeru Grammar School     Aisha Ahman Pategi     Saheed Akinwumi     Alliance For Democracy     Fatai Olodo     Usman Rifun     Afolabi-Oshatimehin Adenike Harriet     Osinbajo     Erubu Oba Zubair     Hamidu Olowo     Olukotun Of Ikotun     Oniwasi Agbaye     Ilorin Innovation Hub     Yusuf Aiyedun