The Nigerian Export-Import (NEXIM) Bank has launched a N10 billion fund to support export-oriented enterprises managed by women and youths.
The fund called Women and Youth Export Facility (WAYEF), according to NEXIM in a statement, was created to boost the non-oil exports.
The facility would be disbursed to small and medium entrepreneurs at a 5 per cent interest rate in the first year of the programme and at 9 per cent interest rate in the subsequent years.
“The WAYEF aims to increase funding to indigenous women and youths towards broadening the export basket and facilitating regional industrialisation for value-addition,” the statement read in part.
“The aim is also to support women and youths towards upscaling and expanding export capacities.
“The eligibility criteria include duly-registered export-oriented-SMEs in Nigeria with women and youths as promoters, a structured organisation with the mandate to empower women and youths along the export value chain or a registered export-oriented cooperative society.”