PAVE: NEXIM’s Magic Wand Towards Robust Economic, — ABUBAKAR YUSUF.
The Nigerian Export-Import Bank NEXIM aside collaborations with both local and foreign companies had devised another area of encouragement and supports through the introduction of series of products among which was Produce, Add Value and Export ‘PAVE’ geared towards an all encompassing economic rejuvenation with states across the country actively participating, to discourage overwhelming reliability on the federal allocations, loans and other outlets.
The positive development depending on the geopolitical zones across and the available exportable products in commercial quantity was the idea of dual Bank, NEXIM largely geared towards boosting export driven activities, products and earnings not only for states, but the country at large.
Under the Managing Director and Chief Executive Officer of NEXIM Bank, Abba Bello, the posture of encouraging export activities trickled down to states after the global pandemic of COVID-19, was not only to concentrate at the national level, but making the state to realize their potentials, and robust Partnerships with export profile entities to enhance more earnings.
With the setting aside of a whopping N1Billion designated for each of the 36 states of the country to drive exportable commodities, the states that hitherto relied on federal authorities and it’s agencies to transact or carry out export activities, will have no option than to become key stakeholders through participation and engagements.
The awareness and availement strategy convened by the Bank through identification of exportable commodities of interest, will not only increase the volume of export items, but will inturn contribute to the state’s economy, and Nigeria’s GDP.
Already using the available data’s and awareness strategy, the six geopolitical zones which included the North-Central, North East, North West, South West, South South and South East had been identified with the potentials of exportable commodities, which made the new area of driving export revenue to the fullest alot more easier, to rejig the ailing dearth of export based products and commodities.
The new feat powered by NEXIM will on the long run contribute to the Value-added and addition as well as boost product in the nation’s export basket, with concerted efforts put in place that will discourage red tapipsm and seamless assess to funds.
With the performance of the new area, job creation in all areas will be reactivated, with less competitiveness in the earnings for the country.
Under the new arrangements, it is expected that a portion of the fund will be set aside to support industries that employed women, youths under an arrangements that will guarantee empowerment scheme for the vulnerable groups, in line with the provisions and requirements of the UN Sustainable Development Goals SDGs.
Having identified the potentials of each geopolitical zones and region through indepth awareness, talkshops, symposium and orientation, no doubt the job will become easier to identify each areas of natural endowment, that will translate not only to exportable commodities and more earnings,. but drive both local and international economies with commercial presence of such products.
The available products may varies from region to region, with the North West predominant both in Agricultural and Mineral resources, while other regions may be endowed with other competitive exportable products, that will be wholly in minerals, processing and also finished products available in that order.
With a well thought out programs under the management of Alhaji Abba Bello and it’s well articulated programs, no doubt when monitored considering it’s due diligence with no interferences, will redoubled the revenue profile of both federal and state governments, as well as expose states not only to exportable products on the long run, but create an avenue for collaborations and exchange of commodities that will drive the local and international economies.
Yusuf Is A Public Affairs Analyst, Writes from Abuja on email address firstname.lastname@example.org.