NEXIM Bank Supports Non-Oil Exporters With N5.7bn In First Quarter-Report

The Nigeria Export-Import Bank (NEXIM) said it supported the non-oil exporters in the country with N5.73 billion in the first quarter of 2015.
This is contained in the quarterly report of the bank obtained by the News Agency of Nigeria a (NAN) in Abuja on Wednesday.
The report further stated that in the period under review, the bank received 23 applications valued at N4.85 billion against 36 applications valued at N4.78 billion in the last quarter of 2014.

The Nigeria Export-Import Bank (NEXIM) said it supported the non-oil exporters in the country with N5.73 billion in the first quarter of 2015.
This is contained in the quarterly report of the bank obtained by the News Agency of Nigeria a (NAN) in Abuja on Wednesday.
The report further stated that in the period under review, the bank received 23 applications valued at N4.85 billion against 36 applications valued at N4.78 billion in the last quarter of 2014.
“Approvals were granted to 18 projects from the Bank’s stockpile of pipeline projects, in the sum of N5.73 billion during the period as against 24 projects approved in fourth quarter of 2014, valued at N2.57 billion,’’ it also stated.
It stated that N1.62 billion was disbursed to 25 projects during the period, as against N480.87million disbursed to seven projects in the last quarter of 2014.
It noted that the bank placed emphasis on value added non-oil exports with the agriculture sector accounting for a share of 56.23 per cent of total disbursement during the period under review.
A breakdown of the disbursement indicated that manufacturing got N327.73 million with 20.20 per cent shares and agriculture got N912.37million with 56.23 per cent shares.
Others, it added , included solid mineral sector which got N207.47 million at 12 .79 per cent shares, while service sector got N175 million with 10.79 per cent shares.
“The total facilities disbursed amounting to N1.62 billion during the period under review was expected to create and sustain over 782 direct jobs in addition to many indirect jobs.
“It is also expected to generate estimated Foreign Exchange earnings of about 34.85million dollars annually,’’ it stated.