The Nigerian Export-Import Bank has earmarked the sum of N37 billion to develop and support export commodities from primary production to the exporting stage nationwide.
According to the bank, each state and FCT would be given a loan of N1 billion with single-digit interest rate from the fund to harness a chosen agricultural product that is export worthy in order to complement Federal Government’s on-going drive towards diversifying the nation’s economy.
The Managing Director of NEXIM, Mr. Abba Bello, who led a delegation of the bank on a courtesy call on the Katsina State Governor, Aminu Bello Masari, recently, said that the idea is to present the product and a workable plan to the governor in order to kick-start the project in the state.
He explained: “Katsina State is known for certain commodities that are exportable for instance, soya beans. So, what we have come to suggest to his Excellency is let’s 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 assured.
According to the NEXIM Bank boss, the initiative, if consummated, would generate employment opportunities for the thousands of unemployed youths in the state, enhance food production and boost the state’s GDP.
He, therefore, charged the state government and farmers in the state to consider harnessing and exporting farming products, reassuring that the bank would continue to support farmers as the nation strives to achieve food security.
In his remarks, Governor Masari canvassed the need for the bank to increase the N1 billion loans so that it would enable farmers in the state to optimise their activities and by so doing, help in achieving the objectives of the economic diversification agenda of the Federal Government.
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