How Nigeria Can Avoid Recession – NEXIM Boss | Independent Newspapers Limited
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How Nigeria Can Avoid Recession – NEXIM Boss

Posted: Nov 11, 2015 at 8:00 am   /   by   /   comments (0)

The Managing Director/ Chief Executive Officer, Nigerian Export – Import Bank (NEXIM), Mr. Roberts Orya, has identified steps that the President Muhammadu Buhari led administration could take to reverse the country’s current negative trend of economic fortunes.

According to the NEXIM Bank boss, “Where we have to start is where President Buhari has started and maintained focus. We have to raise the level of efficiency in the system. We have to plug revenue leakages. And, of course, we have to rein in corruption.

President Buhari’s holy indignation against corruption cannot but be applauded, and it has been widely acknowledged. These are critical measures that will help economic performance, especially if we assimilate the culture of high efficiency and integrity. But these measures require complementary strategies.”

He stated that one of these strategies is to boost the growth of key sectors that would enable the country to diversify its economy, stressing that Development Finance Institutions (DFIs) had a major role to play in providing funding and other services to these sectors.

He said, “For Nigerian Export – Import Bank (NEXIM Bank), these sectors are Manufacturing, Agro-processing, Solid minerals and Services. If we disaggregate what NEXIM Bank has in the past five years promoted as the MASS Agenda, we see the strengthening of both manufacturing and agro-processing.

The services sector, has literally exploded, while the solid minerals sector is the weakest of these four sectors that can help create jobs and non-oil export revenue.” He stated that “Nigeria is in a unique position to tap into the emerging global finance that would increasingly promote sustainable development.