NEXIM gets $20m credit

By FAVOUR NNABUGWU
LAGOS— The Export-Import Bank of India has committed $20 million credit line to the Nigerian Export-Import Bank (NEXIM) to enhance the country’s export in manufacturing, agriculture and solid minerals.

Mr. T. C. A. Ranganathan, Chairman of Exim Bank of India, made the commitment at the 2011 African Development Bank (AfDB) Group Annual Meetings in Lisbon, Portugal.

Mr. Ranganathan told Mr Roberts Orya, Chief Executive Officer of Nigerian Export-Import, NEXIM, Bank at the meeting that Exim Bank, India, was ready to provide $20m commercial Line of Credit (LOC) to NEXIM Bank in order to support the country’s efforts at promoting export-oriented activities in the three sectors of the nation’s economy.

Ranganathan, however, commended Mr. Orya on the quick transformation of NEXIM and its stakeholders towards ensuring that the bank played its developmental role of trade facilitation and  development of Nigeria’s non-oil export sector.

Mr. Orya, who updated Ranganathan on the level of progress in NEXIM since its transformation process commenced in 2010, explored issues that would broaden institutional strategic partnership towards enhancing commercial exchanges between Nigeria and India as well as facilitate South-South economic trade and cooperation.

Exim Bank, India, had in September 2007 extended an initial $5m Line of Credit (LOC) to Nigerian Export-Import Bank.
Beyond that, both institutions also had a joint collaboration agreement which, among others, provided support for joint ventures between the two countries under the structure of African Export Import Bank’s (Afreximbank).

Orya informed Ranganathan that NEXIM was discussing with various state governments and private sector entities in the country towards establishing a viable public-private partnership arrangements on funding intervention to the mining sector, particularly concessional funding arrangement to support technology transfer and foreign direct investment in mini-cement plants.