Nigeria Export-Import Bank (NEXIM) has declared a cumulative profit of N4.5 billion. The profit is for the period 2018 to 2020. The bank made profit despite general economic downturn in the period under review.
The bank’s balance sheet also grew from N67.73 million in April to N158.84 billion in January 31, 2021. NEXIM’s managing director/CEO, Abba Bello stated yesterday during a media interaction in Abuja.
Bello, who was at the briefing with other executive directors of the Bank including Stella Akotete, attributed the growth to increased strategic partnership for lines of credit and the push for recapitalisation of the bank.
“The target is to achieve a balance sheet size of at least N1.2 trillion,” Bello said.
In a similar development, the bank said activities under its export development fund has led to processing of 227 applications worth N159.27 billion and $37.67 million out of which N98.87 billion has been approved.
The NEXIM boss said N68.01 billion has been disbursed to 68 beneficiaries, while approvals totalling N30.86 billion are currently in the process of meeting disbursement conditions.
“So far, $182.31 million and €203,018.42, translating into N70.40 billion have been received as export proceeds from projects that have repatriated their income, while others are yet to complete the transaction circle,” he stated.
According to the bank’s MD, introduction of aggressive debt recovery and proactive loan work out measures has led to increase in overall recoveries from N200 million in 2016 to N4.76 billion and $750,000 between 2017 and January 2021; while assets worth about N7 billion are currently up for sale.
Bello said the export promotion bank is partnering with the Central Bank of Nigeria (CBN) to manage the CBN funded N500 billion non-oil export stimulation facility, which has been introduced to provide long term funds to export oriented projects towards increasing value added exports in the country.
On the plan of the bank for the year ahead, Bello said their objective is to harness opportunities in the global leather industry adding that the bank is working with the leather cluster in Kano having funded about three companies and assisted them to acquire new machines and retool their operations towards becoming major players in the global value chain.