Representatives from the Nigerian Export-Import Bank (NEXIM), headed by the Managing Director/Chief Executive, Mr. Abba Bello; Executive Director, Corporate Services, Bala Bello; and other staff members, undertook some management based meetings with some International Development Finance Institutions in Saudi Arabia as part of its initiative to increase Nigeria’s non-oil exports.
During the visit, a Memorandum of Partnership (MoP) was signed with the Saudi Export-Import Bank, which is one of the major achievements.
Co-financing, club deals, syndicated projects, the supply of buyer’s credit facilities to Nigerian institutions for the acquisition of products and services, and financing for project development connected to Saudi exports are important elements of the MoP.
Also, the two parties concurred to look for chances to get financial guarantees or letters of intent for creditworthy recipients for either Saudi or Nigerian exporters or international buyers, for purchases or project financing/execution.
The vice president of the Islamic Development Bank (ISDB), Dr. Mansur Muhtar, also received the NEXIM team but he was however represented by Anasse Alsami, the acting vice president and director general of the vice president’s office, who served in his place.
African-Arab trade promotion, information sharing, capacity building, and the ISDB Reverse linkage policy were the main topics of discussion.
The parties also talked about how Nigeria may profit from ISDB programs like “She Trade” and “Women Tech Stars”.The bank also sought technical advice from a number of entities connected to the ISDB Group.
Talks with the Islamic Solidarity Fund (ISFD) about how the bank and Nigeria may profit from the ISDB Guarantee Facility Fund and Capacity Development Programs were also discussed.
Nazeem Nordali, the Chief Operating Officer of the International Trade Finance Corporation (ITFC) and acting Managing Director of the International Cooperation for the Development of the Private Sector (ICD), as well as other representatives from the ITFC and ICD, also attended the meeting with the Bank
The Bank also discussed the $200 million ISDB line of credit for Nigeria through NEXIM during the meeting.
Additional topics of discussion included chances for cooperation to secure funds for port infrastructure.
The working trip to Saudi Arabia, according to the NEXIM MD/CE, is expected to have a significant positive impact on the Nigerian economy and non-oil export industry
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