The Nigerian Export-Import Bank (NEXIM) has unveiled a seed fund of N10 billion under a new programme called Women and Youth Export Facility (WAYEF) to support women and youth exporters.
The bank also announced a partnership with Afreximbank in which $50 million Project Preparation Fund (PPF) will be mobilised for Nigeria.
The PPF is to provide technical assistance to small and medium enterprises (SMEs), including those promoted by women and youths towards presenting bankable proposals thereby improving their access to funds.
The Managing Director of NEXIM, Mr. Abubakar Bello, who spoke at the launch in Abuja, described empowering women as smart business, owing to the multiplying effects of women’s businesses on their families and the larger society.
Bello explained that the bank had provided enormous support to many export-oriented industries that were employers of large numbers of women and youth such as cashew, Shea, hibiscus and ginger.
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According to him, the WAYEF will provide more financial support for women and youth owned businesses operating in the various aspects of the export value chain under a more dedicated and focused arrangement.
The Executive Director, Business Development, Tella Okotete, said that the facility was designed to attract 9 per cent interest rate, adding that loans disbursed between now and 2022 would attract as low as 5 per cent, as a result of COVID-19 effects on the global economy.
According to her, NEXIM’s objectives were to stimulate and increase deliberate funding to indigenous women and youths towards broadening Nigeria’s export basket and facilitating regional industrialization for value-added exports, as well as, improving access of women and youths to concessionary finance in a bid to expand and diversify the non-oil export baskets.
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