The Nigerian Export Import Bank has commenced the implementation of a loan scheme for women in the export business.
The bank said it was targeting disbursement of N3bn loans to women in export business before the end of 2019.
A representative of the bank, Kelechi Nwabuozo, disclosed this to our correspondent on the sidelines of a recent forum for women entrepreneurs.
She said, “Our new product, the Women and Youth Export facility, has been created to assist women across the export value chain.
“The facility is aimed at supporting women financially, providing concessionary fund for them to enable them carry out exports.”
She added that over the last one year, the bank had approved over N34bn to export-oriented enterprises out of which over N25bn had been disbursed.
“We intend to surpass this figure before the year runs out. We are targeting disbursement of over or close to N3bn to women-owned export businesses before the year runs out. “
The Central Bank of Nigeria in 2017 announced a N500bn Export Stimulation Facility and N50bn Export Development Fund to be managed by NEXIM Bank.
The facilities are obtained at a single-digit interest rate of nine per cent.
The bank disclosed that the funds were designed to redress the declining export credit to Small and Medium Enterprises and reposition the non-oil sector to increase its contribution to the country’s revenue generation and economic development.
“The improved export financing for non-oil exporters will enable them to upscale and expand their businesses and improve their competitiveness,” the head of the Bank’s Enugu regional office, Mr Chinedu Moghalu , reportedly stated on behalf of the NEXIM Bank Managing Director, Mr Abubakar Bello.
While speaking on the sidelines of the International Trade Centre-SheTrades in Commonwealth and the Nigerian Export Promotion Council event in Lagos, the National Coordinator, SheTrades in Commonwealth Project, Terfa Ashwi, noted that the centre was building the competitiveness of women in the agriculture, textile and apparel and the Information and Communications Technology sectors.