The Federal Government has commended the Nigeria Export-Import Bank (NEXIM) for enhancing its intra-African trade initiatives in readiness for the commencement of the African Continental Free Trade Agreement (AFCFTA).

It also applauded NEXIM for returning the bank to profitability as well as the reduction in non-performing loans.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, gave the commendation while inaugurating two newly-appointed Non-Executive Directors into the board of the Bank in Abuja on Friday.

According to her, the bank’s return to profitability and reduction in non-performing loans had impacted positively on its statutory mandate.

Ahmed equally acknowledged the progress recorded by the bank on the assigned ministerial mandates as reported at the inaugural steering committee meeting held on April 26, 2021.

The minister stated that with the reinvigoration of the board with new members, the expectation is that it will relentlessly pursue its assigned deliverables.

The deliverables, she listed, include enhancing funding intervention to boost productivity and exports from critical sectors (agriculture, manufacturing and services) and to promote and attract private sector investments in maritime logistics infrastructure.

Noting that NEXIM Bank was established to provide export credit guarantee and export credit insurance facilities to its client in support of export, Ahmed said that the overriding objective of government in setting up the bank was the desire to make it a significant player in the Nigerian non-oil export sector and other economic revitalisation programmes.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.