Shell Nigeria Yudala
NEXIM to create synergy with Nigerian Export Promotion Council

By News Express on 10/01/2014

Share on facebook Yahoo mail icon Gmail icon

Views: 4,264


ABUJA, Nigeria, January 8, 2014/African Press Organization (APO)/ The newly appointed ED/CE of the Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo, has paid a courtesy call to the Managing D/CEO of the Nigerian Export-Import Bank (NEXIM) at the Headquarters of the Bank in Abuja, to discuss areas of possible collaboration and synergy.

The visit would be the first of such courtesy calls by Mr. Awolowo since he was appointed to the position by Mr. President last December.

Welcoming his counterpart to the Government Trace Policy Bank, Mr. Orya thanked Mr. Awolowo and his team for taking the initial collaborative step, noting that NEPC and NEXIM Bank were the principal agencies of government responsible for the promotion of non-oil exports

The NEXIM MD provided the NEPC team with a snapshot of NEXIM Bank’s mandate, mission and vision stating that the institution was established by Act 38 of 1991 as an Export Credit Agency with the broad mandate to promoting the diversification of the Nigerian economy away from oil and deepening the external sector.

Mr. Orya stated that upon his resumption in August 2009 as the MD/CEO of the Bank, he discovered that the Bank has completely moved away from its core mandate and veered into lending to both oil and gas resulting in a dismal credit performance and loss of both its Shareholders’ and investors’ confidence. This warranted him to seek the approval of the Bank’s Shareholders to initiate a Corporate Transformation Project (Project Spring) that led to the re-definition of the Bank’s Mission, Vision and Strategic Objectives, with the intention of channelling its resources into the development of four sectors [Manufacturing, Agro-Processing, Solid Minerals & Services]. The MASS sectors were deemed to have high amount of employment and foreign exchange earnings.

An outcome of the Corporate Transformation was crafting of new Strategic Objectives to enable the Bank have a clear market focus and become a major contributor to non-oil exports. This is in addition to turning it into a world class institution which imbibes best-in-class corporate governance and risk management practices towards becoming a relevant player in the export market with the capacity to significantly influence government trade policies.

Mr. Orya further informed Mr. Awolowo that the Bank is developing the ECOWAS and other Africa regional markets as the traditional market for Nigerian exporters. The idea is provide a strong platform for our exporters to venture into the more complex markets of Asia and other developed economies in line with the strategy in other jurisdictions where the EXIM Banks first developed their regional market.

Towards developing the ECOWAS market, NEXIM had earlier launched the ECOWAS Trade Support Facility (ETSF) to reduce the level of informal trade and encourage the small scale exporters to use the banking system to leverage their operations.

Mr. Orya informed his counterpart that NEXIM is facilitating the Sealink Project, which will culminate in the establishment of a shipping company to own and operate ocean-going vessels to boost trade within the West and Central Africa.  Accordingly, he invited the NEPC to cooperate with NEXIM in making this project a success hinting that an Investment Memorandum to raise the take-off grant of $60million has been prepared in English and French and the private placement is expected to open before the end of January.

On the outcome of the NEXIM Bank’s transformation initiative, Mr. Orya proudly informed his counterpart, “…we may not have achieved every item of the targets we set in our 5-year strategy plan, but we have completely strengthened our operational processes, instituted the strong pillars of corporate governance, risk management…, turned NEXIM Bank from an obscure, loss-making institution to a highly visible and profit-making institution with a robust balance sheet size….We have consistently made and declared profits for three years in a row now, paying dividends to our Shareholders….That has never happened since the Bank was set up in 1991″

In closing, the MD advised NEPC to review the current provisions regarding the Export Expansion Grant to make it more effective, adding that both NEXIM and NEPC needed to work in close collaboration to boost the current level of non-oil exports which had remained below 4% over the past 5 years.

Thanking Mr. Orya for welcoming his team, Mr. Olusegun Awolowo stated that his choice of making NEXIM Bank his first ‘port of call’ upon resumption was based on what he had keenly observed as NEXIM Bank’s innovative disposition to deepening the non-oil sector and committedly contributing to Mr. President’s Transformation Agenda and Vision 20:2020.

The NEPC ED stated that he has great confidence in the country’s ability to meet her development goals and commended the initiatives of NEXIM in enhancing the level of formal trade, noting that the study conducted by NEPC revealed that informal trade annually was about $12bn, far more than the formal trade valued at $3billion. He promised that NEPC would work closely with NEXIM to improve the level of trade flows and also improve the trade statistics.

Mr. Awolowo assured NEXIM Bank that the NEPC was already working towards reviewing the Export Expansion Grant and that the review will cover the qualification criteria and other aspects. According to him, “… the new strategic focus will place greater emphasis on market development, with Nigerians in diaspora as major targets….” He noted that that Trade Commissioners have been appointed in major countries including China, Brazil and London to help in developing markets for Nigerian products, especially for the benefit of millions of our Diaspora citizens.

Lauding the phenomenal successes of the NEXIM Bank Corporate Transformation initiative, Mr. Awolowo informed the NEXIM boss that NEPC is also working on human resource realignment to drive export growth, adding that the objective of the new management was to increase the level of non-oil exports by at least 30% in the next 4 years.

In closing, the CEO invited NEXIM Bank to collaborate with NEPC for higher synergies and stressed that both organizations have significant roles to play in developing the Nigerian non-oil exports and that his leadership would encourage and foster even closer collaboration between the two institutions towards supporting Mr. President’s Transformation Agenda and achieving Vision 20:2020 .

•Photo shows NEPC ED/CE Olusegun Awolowo shaking NEXIM MD Orya during the meeting.

Source News Express

Posted 10/01/2014 11:41:17 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Troops rescue 85 women, children from Boko Haram's...

Mad rush for LAKE RICE in Lagos (50kg...

BREAKING: Nigerian elected new OPEC Secretary General

Hard work has its reward —Uduaghan •Hails Gen....

Lack of Accountability and Transparency in Imo State:...

Southwest records lowest road accidents in Nigeria -...

No time to waste: PDP SETS UP COMMITTEE...

Kidnapped Abia journalist regains freedom

Boko Haram: I will not resign —Buhari •Opens...

Britain warns expats, tourists about traveling to Nigeria...

Praise, criticism trail Gov. Udom Emmanuel’s choice as...

Economy to recover in 2017: Buhari

 

Latest News Bomb scare at American Embassy Lagos 20 kidnap, robbery suspects in police net List of the 45 non-career ambassadors confirmed today by Senate (PLUS: The rejected 2) Lagos to construct 6,000-bed hostel in LASU Buhari nominates 27 INEC commissioners (PLUS: Names of the nominees) Tragic Facebook Love: Cynthia’s killers to die by hanging Jehovah’s Witnesses mobilise global response to threat of ban in Russia How Ex-Air Chief Alex Badeh used N800m NAF fund for shopping mall: Witness Troops destroy illegal refinery, avert farmers-herdsmen clash Protests hit Arik airline Open letter to a segregationist, By Abdulrazaq Magaji Islamic State terrorists claim responsibility for British parliament attack

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (234,342 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (212,908 views) Shameless Genevieve Nnaji exposes breasts in public (177,065 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (161,806 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (150,379 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (132,987 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (116,350 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (115,543 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (103,097 views) Lagos plane crash: Journalist releases victims’ names (98,643 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (93,264 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (90,366 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,495) Business Verdict (14) Columnists (655) Complaints & Requests (81) Enterprise & Opportunities (142) Entertainment (292) Features (407) Global Business Monitor (143) International (1,307) Interviews (116) Live Commentary (28) Love Matters (48) News (22,632) Opinion (660) Pidgin (8) Politics (3,624) Religion (489) Sports (1,242) Stock Watch (15) AMA & Al Jazeera Global Update

 

 

JAMB Sale of 2016/2017 UTME/DE applications

 

CBN Advert

 

Mohammed Anas thanks 'wife and girlfriend' (full interview)

 

APO Newsbreak logo

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!