The Nigerian Export-Import Bank (NEXIM) has formalized a collaboration with the Kwara State government, solidifying their commitment to enhance economic growth and employment. The partnership, inked at the 2023 Intra-African Trade Fair in Cairo, Egypt, focuses on elevating investments in Kwara’s non-oil export sector under the State Export Development Programme.
Governor Abdulrahman AbdulRazaq, representing Kwara government, and Abba Bello, Managing Director/CEO of NEXIM Bank, signed a Memorandum of Understanding (MOU). The agreement aims to amplify the production and export of diverse agricultural and mineral commodities in Kwara, including projects like the industrial park, IsDB-backed agro processing zone, sugar processing factory, garment and shea butter factories, solid mineral projects, and a distinctive visual arts centre in West Africa.
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The collaboration grants agencies of entrepreneurs and exporters in Kwara access to the State Export Development Funds and other facilities, subject to agreed terms and conditions with NEXIM Bank. It involves offering financial and export advisory services to support Small and Medium-sized Enterprises (SMEs), with a focus on businesses in the export value chain contributing to women and youth empowerment.
Governor AbdulRazaq highlighted the government’s investment in diverse projects and policy initiatives aimed at economic diversification, citing successes such as the significant reduction in telecommunication right-of-way costs. He expressed a steadfast commitment to expanding initiatives for the economic development of the state.
Abba Bello outlined NEXIM Bank’s nationwide initiative to promote one exportable commodity in each state, aligning with the Federal Government’s economic diversification goals. The proposed partnership with Kwara is seen as a strategic move to position the state and the North Central region for effective participation in the continental market under the African Continental Free Trade Agreement (AfCFTA).
Tayo Omidiji, Head of NEXIM Bank’s Strategy and Corporate Communications, emphasized the shared commitment of both parties to unlock opportunities and enhance Kwara’s contribution to non-oil exports, aligning with the broader economic diversification objectives of the Federal Government.
