Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News January 27, 2014 at 01:43PM

this blog is spored BY reflex Eco Group

VENTURES AFRICA – The Nigerian Export-Import Bank NEXIM has been rated the Best Performing African Development Financial Institution by the Association of African Development Finance Institutions (AADFI).

The Managing Director of NEXIM Bank, Mr. Roberts U. Orya sees the ‘A’ rating by AADFI as a well-deserved reward for all the hard work, painstaking commitment and dedication that his executive management team and staff have put into rebuilding an otherwise moribund institution over the past four years.

“The current rating of NEXIM as ‘Best Performing African DFI’ from a negative rating in 2011 by AADFI is a clear testimony that the Corporate Transformation initiative we embarked upon since August 2009 has largely succeeded,” Orya said.

“The Bank is now better repositioned to deliver on its mandate through more capital injection and other institutional support from our two Shareholders – CBN and Federal Ministry of Finance in terms of supervisory, regulatory oversight and guidance functions. This has increased our capacity to support the growth of the non-oil exports and complement the export boosting activities of commercial banks.”

A committed change in strategy to refocus the then ailing institution in 2009 has led to the redefinition of the Bank’s Mission, Vision and Strategic Objectives targeting four sectors, namely, Manufacturing, Agro-processing, Solid Minerals & Services (MASS), which have high employment and foreign exchange earning potentials in the non-oil sector of the Nigerian economy.

Between August 2009 and December 2013, the Bank has supported Nigerian exporters, mainly SMEs in the MASS sectors, to the tune of N30.99 billion($190.8 million), and issued Guarantees valued at $27.30 million.

In terms of developmental impact in Nigeria’s economy, the Bank, through its funding interventions, generated/sustained over 21,075 direct jobs, in addition to many indirect jobs and facilitated the generation of estimated $250.32 million annually in foreign exchange earnings.

In other areas of its operation, the Bank, within the period under review, has achieved a cumulative loan recovery of N1.82 billion ($11.2 million); designed and rolled out a robust enterprise-wide risk management framework.

The net effect of all these is that the Bank, has through its activities, strongly supported and has continued supporting government’s policy initiatives, with investment and job creation in key sectors of Nigeria’s economy.

Advertisements
Standard

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s