In a significant move to stimulate economic growth and enhance employment opportunities, the Nigerian Export-Import Bank (NEXIM) has formalized a partnership with the Kwara State government. The collaboration, solidified through a Memorandum of Understanding (MOU) signed at the 2023 Intra-African Trade Fair in Cairo, Egypt, aims to elevate investments in Kwara’s non-oil export sector under the State Export Development Programme.
Governor Abdulrahman AbdulRazaq, representing the Kwara government, and Abba Bello, the Managing Director/CEO of NEXIM Bank, inked the MOU. The agreement focuses on scaling up production and promoting the export of a diverse range of agricultural and mineral commodities within Kwara.
The partnership includes provisions for entrepreneurs and exporters in Kwara to access the State Export Development Funds and other facilities, subject to fulfilling agreed-upon terms and conditions with NEXIM Bank.
Additionally, the collaboration entails offering financial and export advisory services, facilitating export market off-take, and supporting Small and Medium-sized Enterprises (SMEs) and businesses in the export value chain, particularly those empowering women and youth.
During the MOU signing, discussions revolved around ongoing and prospective economic projects in Kwara, encompassing the industrial park, IsDB-backed agro processing zone, sugar processing factory, garment and shea butter factories, solid mineral projects, and the unique visual arts centre in West Africa.
Governor AbdulRazaq highlighted the government’s commitment to diversifying the local economy, citing successful policy initiatives such as reducing telecommunication right-of-way costs. He expressed determination to expand efforts to unlock Kwara’s economic potential further.
Abba Bello emphasized NEXIM Bank’s nationwide initiative to promote at least one exportable commodity in every state. The proposed partnership with Kwara aims to position the state and the North Central region for active participation in the continental market under the African Continental Free Trade Agreement (AfCFTA).
The collaboration between NEXIM Bank and the Kwara State government is poised to unlock opportunities, fostering the state’s contribution to non-oil exports and supporting the Federal Government’s economic diversification objectives.
