Business

NEXIM Launches N36 Billion Fund To Promote SME Sectors Across Dtates On Nigeria

Published

4 years ago

September 28, 2021

The Nigerian Export-Import Bank (NEXIM) has launched a N 36 billion Export Development Fund to be disbursed to targeted export-oriented projects in the Small and medium-sized enterprises (SME) sector across the country.

The Managing Director/ Chief Executive, Mr Abba Bello, who disclosed this at the exporter enlightenment forum for the South West region held in Akure, the Ondo state capital, pointed out that a minimum of N1billion for every state of the Federation to be disbursed to targeted export-oriented projects in the SME sector,

Bello said that “As the nation’s Export Development Bank, the Nigerian Export-Import Bank (NEXIM), is in the vanguard of promoting economic diversification, towards increased jobs creation and foreign exchange earnings for the country.

“In this regard, and in line with the Zero Oil Plan of the federal government, which seeks to develop at least one exportable commodity in every state of the federation, we have launched the State Export Development Fund.

“Under this programme, we have earmarked a minimum of N1billion for every state of the federation to be disbursed to targeted export-oriented projects in the SME sector, towards crowding in investment and promoting regional industrialization and economic development.

“This fund is also expected to support the various states to benefit from the opportunities provided by the African Continental Free Trade Agreement (AfCFTA) to which Nigeria is a signatory.

” As you may all be aware, the AfCFTA, which commenced in January 2021 comes with enormous benefits, including a borderless market of about a 1.2billion people, with a combined GDP of about $3.4trillion.

” It, therefore, offers our SMEs, particularly those engaged in cross-border trade, the opportunity to increase their sales under a more liberal market condition.

“This scheme also seeks to corporatize and onboard our informal exporters into the formal sector, and through this capture the huge volume of informal trade which has been estimated at about four times the value of recorded trade.

“While our intervention under the State Export Development Programme is targeted mainly at export-oriented projects promoted by the private sector, the State governments have a major role to play towards creating an enabling environment for the effective utilization of the fund, particularly in such areas as land allocation, issuance of permits and other necessary support.

“We have already commenced discussions with some state governments on this scheme and we hope to continue the engagements with all the state governments present here at this forum.

“Aside from the State Export Development Programme, NEXIM also offers other intervention schemes, which include the Women and Youth Export Facility (WAYEF), which was recently launched as a financial inclusion strategy for the vulnerable groups.

” We also have the N500bn Non-Oil Export Stimulation Facility, which is targeted at the medium and large-scale exporters.”

Bello lamented that “it is rather a paradox that despite our huge human and natural resource endowments, Nigeria remains a mono-product economy, with the crude oil sector contributing about 70% of government revenue and about 90% of export earnings.

“Nigeria has over 44 solid minerals in commercial quantities, found all over the country, largely unexploited.

“The point of emphasis is that our country is so blessed, and our economy need not be tied to the vagaries of one commodity, which contributes less than 10% of our Gross Domestic Product.”

The Executive Director, NEXIM Business Development, Mrs Stella Okotete said the bank came to Ondo State because of the export potentials available in the state.

She said the bank was ready to partner with the southwest governments to develop the export capacities in the region.

On his part, Governor Rotimi Akeredolu said that Governors in the Southwest are steadily working together in the Agriculture sector through the formation of the Southwest Agric Company (SWAgCo).

According to the Governor, SWAGCo is a registered company under the Oodua conglomerate which was created for effective exploration of agricultural resources in the region.

(VANGUARD)

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

5 days ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

6 days ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

1 week ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.