NEXIM Bank to create credit facility for exporters
The Nigerian Export-Import (NEXIM) Bank is working to provide buyer-credit facilities to potential buyers of Nigerian non-oil products, as a way of boosting exports and deepening transactions with the nation’s trading partners, particularly those in the West- Africa region.
Nexim bank Managing Director, Roberts Orya, said the initiative is to make Nigeria’s non-oil exporters more competitive in the marketplace and enable them have an edge over their peers by 2015.
According to him, NEXIM bank is in talks with its shareholders, the Central Bank of Nigeria (CBN) and Ministry of Finance, to get them to enhance the bank’s share capital so that they can use part of it to begin to offer buyer credit facilities.
Buyers credit is a financial arrangement in which a bank or financial institution, or an export credit agency in the exporting country, extends a loan directly to a foreign buyer, or to a bank in the importing country, to pay for goods and services from the exporting country