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NEXIM Bank Disburses N22bn, Facilitates 2,039 Jobs

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  • NEXIM Bank Disburses N22bn, Facilitates 2,039 Jobs

The Nigerian Export-Import Bank says it disbursed about N22bn and created about 2,039 direct jobs within one year.

The bank said that the N22bn disbursed also led to the creation of several indirect jobs and foreign exchange earnings of about $267m annually.

In a statement on Thursday, the bank said the beneficiaries of the disbursed fund from different parts of the country were mostly exporters of agricultural commodities and value-added products such as cocoa, cashew, sesame seed, gum Arabic and leather products.

Apart from its funding intervention, NEXIM said it also recorded a quantum leap in its financial indices, with a profit of about N2.09bn recorded in 2018, from a loss position in 2017.

“The balance sheet size also doubled from about N61bn in 2016 to about N117bn in 2018 and it is projected to increase to N190bn by December 2019,” it said.

The statement said since the appointment of a new Managing Director/Chief Executive, Mr Abba Bello, in April 2017, and the inauguration of the board in March 2018, chaired by the Deputy Governor of the Central Bank of Nigeria, Mr Joseph Nnanna, NEXIM Bank had taken steps to rejig its operations.

The statement said, “Besides collaborating with the CBN in the management of intervention funds to the tune of N550bn, its export support programme is predicated on the PAVE philosophy, that is, Produce, Add Value and Export.

“NEXIM Bank’s efforts to develop the non-oil export sector is currently structured along six initiatives, which include support for critical agricultural commodities, particularly products where the country has a high comparative advantage.

“This is to minimise informal trade and boost the country’s export footprint. The bank is also supporting export services in the areas of the creative economy, business process outsourcing, professional services, as well as medical tourism, towards saving about $1bn lost annually to foreign trips by Nigerians.”

The bank also said it was providing funding/investment guarantees to facilitate private sector investments and partnerships in internationally acceptable laboratories and assaying facilities/related infrastructure.

“This is in addition to providing funding support towards the establishment of conditioning, irradiation and sterilisation facilities to enhance the shelf life of perishable goods, as well as the production of jute bags, corrugated cartons and flexible packaging materials,” the statement said.

The bank also said it was supporting the promotion of inland waterways operations and bulk export terminal upgrade through its Sealink project, which was expected to facilitate an annual shipment of over 30 million tonnes of solid minerals valued at $1.8bn.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

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Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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