ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Monday, May 23, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
INTERVIEW: 60% of NEXIM’s strategic plan is to promote intra-African trade – MD

Abba Bello

NEXIM bank says N68bn export fund disbursed to 68 beneficiaries

The bank said its target for 2022 is to achieve a balance sheet size of at least N1.2 trillion.

byAyodeji Adegboyega
February 19, 2021
2 min read

The Nigerian Export Import Bank (NEXIM) says it has disbursed N68.01 billion to 68 Nigerian entrepreneurs in the the last three years under its Export Development Fund.

The funds went to beneficiaries in the manufacturing, agriculture, solid minerals and oil and gas sectors of the economy, the bank said at a press briefing Thursday.

NEXIM is an export credit agency set up to drive the economy through trade finance, project finance, export market advisory services, treasury operations, guarantees, market information amongst other things.

The Central Bank of Nigeria released N50 billion to the bank in 2018 for the export development programme. The fund was later increased to N100 billion in December.

The managing director of the bank, Abba Bello, told reporters that the bank is also collaborating with the CBN to manage a N500 billion non-oil export stimulation facility.

The facility was introduced to provide long term funds to export oriented projects towards increasing value added exports.

Aside from the 68 beneficiaries, approvals totalling N30.86 billion are currently in the process of meeting pre-disbursement conditions, the bank said.

The bank has carried out the “processing of 227 application worth N159.27 billion and $37.67 million out of which N98.87 billion has been approved,” Mr. Bello said.

“So far, $182.31 million and €203,018.42, translating into N70.40 billion, have been received as export proceeds from projects that have repatriated their income, while others are yet to complete the transaction circle.”

Balance sheet

The bank said its target for 2022 is to achieve a balance sheet size of at least N1.2 trillion.

Mr. Bello said the bank’s balance sheet grew from N67.73 million in April 2017 to N158.84 billion as at January 31, 2021.

Due to the coronavirus pandemic, the bank’s profit dropped to N1.28 billion in 2020 from N2.13 billion in 2019.

He said the bank has also done well in recovering its loans.

“Introduction of aggressive debt recovery and proactive loan work out measures leading to increase in overall recoveries from only N200 million in December 2016 to N4.76 billion and US$750,000 between January 2017 and January 2021. In addition, assets worth about N7 billion are currently up for sale.

“Continue efforts to clean up the balance sheet and improvement in risk management practices with new loans granted from 2018 performing 100 per cent, a major departure from the huge non-performing loans in the past,” he said.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: Why women cheat: what every Nigerian man should know







PT Mag Campaign AD

Previous Post

Only Ignoramuses Fights For the Sake of Tribalism!, By Murtadha Gusau

Next Post

Paternity Scandal: Shina Peters reacts to reports of alleged love child with actress

Ayodeji Adegboyega

Ayodeji Adegboyega

More News

A collage of UBA, Learn Africa and Presco Company logos

Presco, Learn Africa, UBA top stocks to watch this week

May 23, 2022
Minister of Finance Budget and National Planning in the Buhari administration, Zainab Ahmed [PHOTO CREDIT: @FinMinNigeria]

UPDATED: Finance minister appoints Nwabuoku to oversee accountant-general’s office

May 22, 2022
MTN, Airtel, GLO, 9Mobile.

Nigerian telcos lose 17,030 subscribers in nine months

May 21, 2022
Minister of Central and Digital Economy, Femi Adeluyi

Nigerian govt initiates tax, other support package for startups

May 21, 2022
Naira and Dollars

Naira gains but black market decline continues

May 20, 2022
Innoson Group of Companies

Why we’re launching tricycle production in Nigeria — Innoson

May 20, 2022
Next Post
Sir Shina Peters

Paternity Scandal: Shina Peters reacts to reports of alleged love child with actress

Reinvoking the Faultlines: Nigeria’s Raw Ethnic Animosities, By Majeed Dahiru

How Yoruba shielded Hausa and Hausa protected Yoruba during Sasha violence

Leave Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,844,514 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.