In a bid to advance the federal government’s agenda for job creation and economic growth, the Nigerian Export-Import Bank (NEXIM) has inked a significant Memorandum of Understanding (MOU) with the Kwara State Government.
This collaborative effort falls under the umbrella of NEXIM Bank’s State Export Development Programme, aimed at amplifying production and bolstering the export of diverse agricultural and mineral commodities within the state.
The MOU, ceremoniously signed during the 2023 Intra-African Trade Fair in Egypt, saw the Executive Governor of Kwara State, Alhaji Abdulrahman AbdulRazaq, and the Managing Director/Chief Executive of NEXIM Bank, Mr. Abba Bello, affirming their commitment to fostering economic prosperity.
Deliberations leading to this pact encompassed an array of ongoing and potential economic projects, notably the industrial park, IsDB-backed agro processing zone, sugar processing factory, garment and Shea butter factories, solid mineral projects, and the innovative visual arts center—a first in the West Africa sub-region.
According to Mr. Tayo Omidiji, Head of Strategy and Corporate Communications at NEXIM Bank, this partnership extends avenues for agencies of entrepreneurs and exporters in Kwara to access the State Export Development Funds and additional facilities, subject to mutually agreed terms and conditions.
The collaboration also entails the provision of financial and export advisory services, focusing on SMEs and businesses in the export value chain, particularly those supporting women and youth empowerment.
Governor AbdulRazaq reiterated the state’s commitment to diversifying the local economy through strategic investments and policy initiatives.
Mr. Bello emphasized NEXIM Bank’s overarching goal: promoting at least one exportable commodity in every state to align with the federal government’s pursuit of economic diversification and expansion. This collaborative stride signifies a pivotal step towards sustainable economic development in Kwara State.