By Tony Obiechina, Abuja
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has charged the Board of the Nigerian Export-Import Bank (NEXIM) to pursue relentlessly its assigned Ministerial Mandates with a renewed vigour.
The Minister who gave the charge while inaugurating the two newly appointed non-executive directors of the Bank at the ministry in Abuja on Friday, said with new members, the the bank is now expected to relentlessly pursue its assigned derivables.
According to her, the deliverables include,
enhancing funding intervention to boost productivity and exports from critical sectors (Agriculture, Manufacturing and Services), and promoting and attracting Private Sector Investments in Maritime Logistics Infrastructure.
Mrs Ahmed however noted that the achievements so far recorde by the Bank could not have been possible “but for a crop of dedicated and focused Management Staff led by the Managing Director, Mr. Abba Bello”.
Expressing the Ministry’s appreciation to Mr. Adesina Adegbenro and Hajiya Ramatu whose tenure on the Board expired on 28th December, 2020 after spending the stipulated three-year term, the Minister commended Mr. President for finding the appointees worthy to serve on the Board of NEXIM.
The two appointees will be joining NEXIM Board with diverse private sector background are, Mallam Kabiru Hassan, has been in the business of Commodity Sourcing, Trading and Distribution since 2012 after a short stint with the Union Bank and Mr. Ede O. Definone, is also highly experienced on issues relating to export and import.
He is the current Chairman of Manufacturers Association of Nigeria Export Promotion Group as well as member, National Council of Manufacturers Association of Nigeria, to mention but a few of the Associations he belongs.
“I have no doubt that your selection and subsequent appointments were based on your track record of achievements. I dare say, NEXIM Bank has been given more impetus to succeed in achieving its mandates.
“As you are being inaugurated today, I charge you to bring your vast wealth of experience garnered in the private sector to bear in the operations of NEXIM, while pledging the Ministry’s continued support to NEXIM in the discharge of its mandates”, she stated.
According to the Minister, the report of the Bank’s current Strategic Framework for Expansion of Non-Oil Sector and Diversification of the Economy, its achievements in operational performance heralding a return to profitability and reduction in non-performing, enhancement of its Intra-African Trade Initiatives in readiness for commencement of the African Continental Free Trade Agreement (AFCFTA) deserve commendation.
NEXIM Bank was established by Act No 38 of 1991 as an export credit agency with share capital held equally by the Federal Ministry of Finance Incorporated and the Central Bank of Nigeria (CBN). Among several functions, the Bank is responsible for the provision of export credit guarantee and export credit insurance facilities to its clients as well as the provision of credit in local currency to its clients in support of export.
Prompt News Online reports that the overriding objective of the Government in setting up NEXIM Bank is the desire to make the Bank a significant player in the Nigerian non-oil export sector and other economic revitalization programmes such as the Economic Recovery and Growth Programme (ERGP).