Business

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

Published

5 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

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

20 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.