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The Kwara State Government has signed a partnership deal with the Nigerian Export Import Bank (NEXIM) to facilitate export-related industrialisation and investment promotions in the state.
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The deal, which was signed in Cairo, Egypt on the sidelines of the Intra-African Trade Fair (IATF), will qualify Kwara and private exporters of non-oil commodities operating in the state for State Export Development Funds and other supports upon fulfilment of relevant terms.
Under the MOU, NEXIM will offer financial and export advisory services, which may include working out financing arrangements, investment mix as well as facilitating export market off-take, especially for SMEs and businesses related to women and youth empowerment.
Governor AbdulRahman AbdulRazaq, who signed the deal for the state government, said the government has invested in different projects and adopted policy initiatives that seek to diversify the local economy, including the reduction of the telecom right-of-way from N5,500.00 to N1.00.
He said the state has also secured financial commitments and strategic partnerships for its innovation hub from IHS.
The state government’s team also held a brief meeting with the AfriEximBank during which Governor AbdulRazaq pitched the industrial park and other state-funded projects, saying the state is open to public private partnership arrangement to make the projects viable and sustainable for the interest of the people.
Kwara is one of the few Nigerian states attending the IATF 2023 which winds down on Wednesday November 15.
Attended by over 4,000 delegates, exhibitors, and industry leaders, the IATF is the marketplace for the Africa Continental Free Trade Area (AfCFTA), the largest free trade area which brings together African nations of the African Union and eight regional economic communities to create a single market for the continent.
The deal signing is a positive step for Kwara State as it seeks to boost its economy and create jobs for its citizens. The partnership with NEXIM will provide the state with the necessary support to develop its export sector and attract foreign investment.
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