Nigerian Export-Import Bank (NEXIM) has signed a partnership agreement with Kwara State government to increase economic growth and employment by boosting investments in the non-oil export sector under its State Export Development Programme.

The Memorandum of Understanding (MOU) was signed during the 2023 Intra-African Trade Fair, recently, in Cairo, Egypt, where the parties agreed to upscale the production and boost the export of a vast array of agricultural and mineral commodities in Kwara.

Governor Abdulrahman AbdulRazaq signed for Kwara government, while Managing Director/ Chief Executive Officer, NEXIM Bank, Abba Bello, signed for his institution.

The MOU signing was preceded by deliberations between two parties on the various on-going and prospective economic projects of the state government, including the industrial park, the Islamic Development Bank (IsDB)-backed agro processing zone, the sugar processing factory, garment and shea butter factories, solid mineral projects, and the visual arts centre, which is unique in West Africa.

The partnership will qualify agencies of entrepreneurs and exporters in Kwara to access the State Export Development Funds and other facilities upon fulfilment of relevant terms and conditions as may be agreed with NEXIM Bank.

It further entails the provision of financial and export advisory services, which will include working out financing arrangements, investment mix, as well as facilitating export market off-take, especially for Small and Medium-sized Enterprises (SMEs) and businesses operating in the export value chain that support women and youth empowerment.

AbdulRazaq further stated that the government invested in different projects and adopted policy initiatives that seek to diversify the local economy, including the reduction of the telecommunication right-of-way from N5,500 to N1.00 and emphasised that the policy initiative yielded significant results for the state. He reiterated his commitment to expand the efforts of his administration to develop the economic potential of the state.

Bello spoke about the initiatives of the bank to promote at least one exportable commodity in every state of the federation towards achieving the economic diversification and expansion drive of the Federal Government.

He added that the proposed partnership with Kwara would position the state and the North Central region towards effective participation in the continental market under the African Continental Free Trade Agreement (AfCFTA).

According to the Head, NEXIM Bank’s Strategy and Corporate Communications, Tayo Omidiji, both parties agreed to work together to unlock the opportunities to boost the contribution of the state to non-oil exports and economic diversification objectives of the Federal Government.