NEXIM Bank and The Niger Delta Development Commission, (NDDC) says it would partner to set up a N2.5 billion export development fund.
The announcement was made by Managing Director, Nsima Ekere, when a delegation from the NEXIM Bank paid him a courtesy visit at the Commission’s Headquarters in Port Harcourt, Tuesday.
Ekere said NDDC would leverage on NEXIM Bank to tackle challenges of creating jobs and building sustainable development programmes in the Niger Delta; particularly on the need to give the youths hope through providing opportunities.
“That is why we partnering with NEXIM Bank to develop a regional export market which provide new opportunities for our people.” He said.
Ekere noted that there is no better place than the Niger Delta to prepare for the diversification of the country’s economy. “Now that revenue from oil is dwindling, this is the right time to begin to create opportunities for the people in the non-oil sector.” He stated.
Executive Director, Business Development, NEXIM Bank, Stella Okotete, acquiesced that the fund would provide a platform for viable export markets for the Niger Delta Region. “The Federal Government has a policy that encourages the non-oil exports, especially in agriculture and solid minerals. We need to scale up credit to the non-oil sector and that is why we are collaboration with NDDC to drive the process.”
The focus area of the export fund covers agricultural products such as palm oil, rubber, cocoa and solid minerals like limestone.