CBN, NEXIM Commence Implementation Of N550bn Export Funds

The Central Bank of Nigeria (CBN) and the Nigeria Export-Import Bank (NEXIM) have commenced the implementation of the N500 billion Non-Oil Export Stimulation Facility (ESF) and the N50 billion Export Rediscounting and Refinancing Facility. The two facilities were introduced by the CBN last week as part of measures to boost non-oil exports, by providing low interest loans to exporters.


The CBN also appointed the Nigerian Export – Import Bank (NEXIM) to be   the Managing Agent of the facilities, with the responsibility   for the day-to-day administration of the facilities   and rendition of periodic reports on their   performances to CBN.

In other to ensure smooth implementation of the facilities, NEXIM Bank on Thursday convened a stakeholders meeting in Lagos. The meeting was attended by exporters, banks and officials of the CBN, as well as Nigeria Export Promotion Council (NEPC).

Speaking at the meeting, Acting Managing Director/Chief Executive, NEXIM Bank, Mr. Bashir Wali, said, “The main purpose of this gathering is to create a forum for discussion of the implementation modalities, the role of all participants and the expected outcomes from the successful implementation of these schemes. I therefore wish to solicit your active participation and contributions as we present a further breakdown of the operating guidelines.”

The NEXIM Bank boss called on exporters to take advantage of the facilities to expand their businesses. He said, “It is expected that with the release of the guidelines and commencement of the schemes, Nigerian exporters and export oriented businesses will now seize the opportunity to expand and upscale their operations towards boosting the current low contribution of non-oil exports, which has remained at about five percent over the years.

“Let me also add that besides the issues of availability and access to funds, we have also intensified our collaborations and engagements with relevant institutions and stakeholders towards addressing other challenges affecting the export sector such as the problems of infrastructure, issues of packaging and labelling as well as improving access to market.”

Also speaking at the meeting, Director, Development Finance Department, CBN, Mr. M.A Olaitan said that the purpose of the gathering is to formally announce the commencement of the implementation of the facilities. Represented by an official of the department, Mrs. Udoo Fateh, Olaitan called on exporters to take advantage of the funding provided by the CBN to grow their businesses; increase foreign exchange earnings and create more jobs for Nigerian youths.