AfDB LoC Targeted at Export-oriented SMEs | Independent Newspapers Limited
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AfDB LoC Targeted at Export-oriented SMEs

Posted: May 6, 2015 at 12:40 am   /   by   /   comments (0)

The African Development Bank’s (AfDB)’s Resident Representative in Nigeria, Ousmane Dore, has indicated that the two sovereign-guaranteed multi-tranche lines of credit (LoC) of $500 million and $200 million to the Bank of Industry (BoI) are targeted at export-oriented Small and Medium-scale Enterprises to modernize and expand export activities in order to create jobs in the economy.

Dore noted that while the LoCs will enhance the competitiveness of local SMEs and scale up their operations and ultimately create more jobs in the country, it will as well include a technical assistance package to strengthen institutional capacity at both the BoI and the Nigerian Export-Import Bank (NEXIM) as well as their SME clients.

Commenting on the LoC, the Managing Director/Chief Executive of NEXIM, Robert Orya, in a statement signed by the bank’s Head, Corporate Communications, Chinedu Moghalu, noted that the LoCs would facilitate its goal of adding about 55,000 jobs to the economy as well as attracting about $1.6 billion in foreign exchange.

Continuing, Orya said: ““Thanks to AfDB’s support through this program, NEXIM seeks important economic development achievements, including approximately 55,000 new jobs for its SME clients, $ 1.6 billion in foreign exchange and an overall contribution of almost seven per cent to non-oil exports, including a 10 per cent share in Economic Community of West African States (ECOWAS) exports.