The Nigerian Export-Import Bank (NEXIM) has disbursed N420 billion to Nigerian exporters, according to Abubakar Bello, the managing director of the bank.

At an interactive session in Abuja yesterday, he explained that while part of the bank’s name implies that it promotes imports, the bank’s focus is on utilising imports of critical equipment and raw materials to enhance the export capacity of Nigerian entrepreneurs.

“Total lending to exporters is around N430 billion. The facility attracts a single-digit interest of nine per cent. That is probably the lowest interest rate in the market,” he stated.

Apart from providing finance to Small and Medium Enterprises (SMEs), NEXIM Bank is also driving Nigeria’s agro-industrial revolution to empower businesses for global success.

He disclosed that the activities of NEXIM Bank have led to the creation of more than 12,000 direct jobs.

He added, “The direct jobs that have been created from our funding are somewhere around 12,000. That is direct jobs alone. The indirect jobs that have been created within the value chain are almost infinite as a result of our interventions.”

Bello said the service sector is emerging as a significant sector that can make a substantial contribution to Nigeria’s export drive.

With about 55 per cent of the Gross Domestic Product (GDP), he noted that NEXIM is already exploring the possibilities of tapping into the sector for export.

His words: “NEXIM is exploring how we can support the export of services. Today, outsourcing is a growing industry in Nigeria. From telephone call centres servicing foreign countries to accounting services and legal services, people are working from their homes providing these services. This is the export of services. For the youths who are very skilled with digital technology, that is their domain. It is part of our focus to keep developing and supporting this sector. We want to explore how we can assist our service providers to go beyond national borders and expand their reach horizons.”

He clarified that at the heart of the bank’s interventions is foreign exchange inflow into the country, adding, “As long as you flow the dollars back to Nigeria, we will finance your project.”

He hinted that the NEXIM Bank may begin to fund projects and ideas in the construction sector.

He stated: “We are trying to see how we can support Nigerian businesses in sectors such as construction to explore African markets. We are rebuilding the capacity of construction companies in Nigeria. Jobs are not only in Nigeria; there are also jobs in Ghana, Togo, and the Benin Republic. At the Intra-African Trade Fair (IATF), which is happening in Algeria, we are observing Egyptian construction workers going to Algeria to set up the pavilions, and that constitutes an export of services. We are wondering why Nigerian construction workers are not going there. It is all export of service.”

The NEXIM boss urged Nigerians to consider exporting their products, insisting that no product is inherently unexportable.

He said: “There is no product that is not exportable. If any Nigerian has an idea about something to export, they should feel free to consult us. Apart from funding, we can guide them, link them with relevant bodies and provide information on the requirements needed to be abided by.”

Bello explained that Nigerians lack access to information that guides the export of certain products, which is why their products fail basic export tests.

“There are many mistakes around standards that Nigerians make. Many assume that when they package things from source, it is okay. When this happens, the exporter will record losses and so will the lender. One thing exporters must do is ensure adherence to set standards. Those are the kind of things that SMEs need to take care of,” he said.

The NEXIM chief urged Nigerian exporters to keep what he termed ‘Nigeria brand’ that is noted for high standards and quality to attract global respect.

He added, “We should also establish a brand for Nigeria, so that everything associated with Nigeria has a positive reputation. We must ensure that Nigeria’s brand is viewed positively. That whatever we endorse as ‘proudly Nigeria’ meets international standards. We should keep doing this until everyone withdraws that negative perception of Nigerian products in the global market.”