The Nigerian Export Import Bank (NEXIM) said it has set aside N6 billion as Northeast intervention fund to support exporters in the region.
According to a statement by the bank yesterday in Abuja, the Managing Director, Mr Abba Bello, said the fund was part of government effort to rebuild the region.
The MD, who was represented by Executive Director, Business Development, Hon. Stella Okotete, said that “Given the peculiarity of the area, a North-East Intervention Fund has been created with about N6 billion earmarked for exporters in the region.’’ It quoted Stella Okotete, its executive sectary Business development.”
Okotete encouraged small scale operators to form themselves into cooperatives to provide the corporate structure that would facilitate their access to the funds.
She said that bank had visited the region to conduct an on-site assessment of export oriented projects for more funding and to sensitise exporters in the region on the N500 billion Export Stimulation Facility (ESF)
She also noted that part of the visit was equally to sensitise people on the N50billion Export Development Fund (EDF), being implemented by the Bank, in collaboration with the Central Bank of Nigeria (CBN).
She added that N500bn Export Stimulation Facility was available to export oriented projects, under a scheme coined Produce, Add Value and Export (project PAVE), which encouraged entrepreneurs, particularly those in the Agricultural Value Chains.
The management from the bank had visited the region for an on-site assessment of export oriented projects in the region.