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Thursday, 03 March 2016

Afreximbank and Nexim support Nigerian exports

The African Export-Import Bank (Afreximbank) and the Nigerian Export-Import Bank (Nexim) are developing a funding programme to help revive the Nigerian cocoa sector as the country’s leading non-oil export sector. Following a two-day strategy meeting, the two banks announced that the programme will provide financing to meet working capital requirements with the aim of increasing production capacity, and medium to long-term finance to upgrade existing production facilities and establish new processing and manufacturing facilities. They also plan on enhancing market access to processors for higher value-added products. The banks have yet to agree on the amount of funding that the programme would support. An Afreximbank spokesperson tells GTR that a committee has been set up to work out the details, but no allocation has been made as yet, as that will depend on the recommendations of the committee.

Source: Global Trade Review