The Managing Director and Chief Executive Officer of the Nigeria Export Import (NEXIM) Bank, Abba Bello has urged the private sector to join hands in promoting indigenous manufacturers and businesses. He also called for commitment to Nigeria’s future in order “to keep on investing and pushing the frontiers of local businesses in the country.”
Speaking during the commissioning of sixth production lines of Beloxxi Industries Limited in Agbara, Ogun state, Bello noted that the bank had come in to support Beloxxi from the on-set of the business, “first for import substitution and then to facilitate the export of Beloxxi biscuit into the region.
“What we are doing today is an expansion of the plant. NEXIM Bank ‘s contribution is about N1 billion. Beloxxi has paid up the facility and we are having discussions on granting further loan . Ths is how good the business is to us,” he stated.
He noted that the plan of the bank is to replicate the success story of Beloxxi across the country to enhance employment creation, value addition and export.
Bello said, “That is what we have been campaigning, Produce, add value and export.
“When we export without adding value, you have exported jobs along with the products. But when you have the full value chain and Nigerians can plug into this value chain, it is more beneficial.”
According to him, in terms of revenue generation for the government through taxes and export earnings, there is really nothing better than this.
“Beloxxi is not the the only company that we are financing. This is one of the most successful in our portfolio. We want to see Beloxxi expand not only across the region but globally,” he added
Also speaking Managing Director/Chief Executive Officer, Fidelity Bank, Mr. Nnamdi Okonkwo said Fidelity Bank has been partners with Beloxxi. “We have been supporting Beloxxi when they needed it most. Today the partnership has grown beyond just supporting them. What we have seen here today is sheer entrepreneural spirit and passion for what one does,”
According the Bank’s Managing Directors, Mr Ezeudo the CEO of Beloxxi has done a lot towards realizing his dream. He described Ezeudo as a visioner and example of the kind of inspirational spirit that is prevalent in Fidelity Bank by supporting SMEs.
