- 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.
Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary
Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).
In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.
“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.
“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”
World Bank to Discuss New $1.5 Billion Loan Request From Nigeria
The Finance Minister, Budget and National Planning, Mrs. Zainab Ahmed, on Friday said the Federal Government has met all the conditions for a fresh loan of $1.5 billion from the World Bank.
The minister disclosed this on Bloomberg TV.
She said the multilateral financial institution is in the final stage of approving the loan. The minister explained that the loan will be discussed in the bank’s next meeting and possibly be approved in the same meeting.
In June, the Senate approved the borrowing plans but the World Bank pushed back demanding Nigeria fulfill the conditions attached to the $3.4 billion loan received from the International Monetary Fund (IMF) in May.
Some of the conditions were to increase revenue generation by upping VAT, the introduction of tariff reflective electricity bill, the removal of subsidy and the unification of the nation’s foreign exchange.
Most of which the Federal Government has done despite protests from most Nigerians who called the new policies anti-people given their current situation.
Nigeria Realises Over N400 Billion from Company Income Tax in the Third Quarter of 2020
The Federal Government realised N416.01 billion from Company Income Tax (CIT) in the third quarter of the year, according to the latest report from the National Bureau of Statistics (NBS).
This was 3.48 percent higher than the N402.03 billion generated in the second quarter of the year and represents a decline of 20.13 percent year-on-year from N520.89 billion realised in the third quarter of 2019.
A breakdown of the report showed the professional services sector including the telecoms generated the highest amount of CIT at N55.52 billion during the quarter, while the manufacturing sector followed with N42.03 billion.
The banking and financial institutions realised N24.05 billion while the mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million and N321.72 million generated, respectively.
The report added that out of the total amount realised during the quarter under review, a sum of N244.70 billion was generated as CIT locally. The federal government collected N70.34 billion as foreign CIT payment and the remain N100.97 billion was received as CIT from other payments.
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