NEXIM Earmarks N37bn to Promote Agricultural Products in 36 States, FCT

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The Nigerian Export-Import Bank (NEXIM) said it has earmarked N37 billion to develop and support export commodities from primary production to exporting stage across the 36 states of the federation, including the Federal Capital Territory (FCT), Abuja.

According to the bank, each state and the FCT would benefit from N1 billion loan with single-digit interest rate to produce a chosen agricultural product that is export worthy in order to compliment the federal government’s quest of diversifying the oil-based revenue to agriculture.

The Managing Director of NEXIM, Abba Bello, who disclosed this while on courtesy call to Governor Aminu Bello Masari, at the Government House, Katsina, said the team was in the state to present the product and workable plans to the governor to kick-start the project in the state.

“Katsina State is known for certain commodities that are exportable, for instances Soya beans. So what we have come to suggest to his Excellency is let choose one or two products that we can support from primary production using anchor-borrower scheme.

“We are piloting the scheme with at least N1 billion in Katsina, and we intend to see it done to burst export of commodities in the state before the end of this year’s farming season. The fund might be inadequate, but the portfolio will be increased,” he said.

According to the NEXIM bank chief, the initiative if accomplished, would general employment opportunities for the teeming unemployed youths in the state, enhance food production, thus improving the economy status of the country.