As part of its mandate to promote non-oil export development, the Nigerian Export-Import Bank has signed a memorandum of Understanding with the Yobe State Government on Wednesday the 26th of August,2020 to promote sustainable economic development in Yobe State by facilitating export-related industrialisation and promotion of investments that would utilise local resource endowments in the state.
In a ceremony held at the Headquarters of the Nigerian Export-Import Bank (NEXIM), the Managing Director of the Bank Mr. Abba Bello received the visiting team led by the Hon. Commissioner, Ministry of Commerce Industry and Tourism, Alhaji Barma Shettima. The MD/CEO in his welcome remarks expressed the willingness of NEXIM Bank to explore partnership opportunities with Yobe State Government to drive the Bank’s economic diversification efforts and to promote/ develop exportable agricultural products in the State.
He further explained that the Bank had tailored products in line with the One State, One Product Project where the sum of N1billion per state under the Export Development Fund had been set aside to support the export value chain in the 36 States of the Federation and the FCT which is aimed at customizing products in the state and to assist exporters to access the facility at a single digit interest rate.
The Executive Director Business Development NEXIM Bank ,Hon. Stella Okotete while presenting some of the Bank’s products and initiatives reiterated that the State Export Development Programme is to be implemented in collaboration with the State Governments where the State Governments are required to set up Special Purpose Vehicles (SPV’S) registered as corporate entities to source for the funds from NEXIM at a maximum Interest rate of 9%.
The Hon.Commissioner, Ministry of Commerce Industry and Tourism, Alhaji Barma Shettima who represented the Yobe State Governor expressed the Government’s pleasure to collaborate with NEXIM Bank towards financing the establishment of Sesame Seeds processing and Gypsum Plasterboard Manufacturing Plants in Damaturu Yobe State.
He emphasized that Yobe State has comparative advantage in numerous agro-allied products and vast deposits of premium quality Solid Minerals out of which the Government had identified Sesame Seed and Gypsum for immediate development/value addition for export.
The expected economic impact of the export of Sesame Seeds and Gypsum through the partnership with NEXIM Bank he said, would enhance job creation, farmers empowerment and foreign Exchange generation which would no doubt boost the Nation’s drive to grow and develop the Non-oil sector.
In Closing the Managing Director of NEXIM Bank said the Bank is happy to partner with the Yobe State Government towards promoting Export Development and ended by reiterating the Bank’s commitment in ensuring that a workable implantation plan is articulated to achieve the objectives of MOU.