NEXIM and Prioritization of MASS, —– ABUBAKAR YUSUF.
Aside it’s statutory functions of promoting both import and export transactions, the Nigerian Export-Import Bank, NEXIM had giving priorities to encouraging areas like Manufacturing, Agro Processing, Solid Minerals, Services acronym MASS, across the globe.
The desire to move the economy of the country on the same pedestal with both developing and developed countries, had occasioned series of initiatives and innovations to promote both trade and investments.
For the handlers of NEXIM Bank in Nigeria under the leadership of Abba Bello, the introduction of various products within the organization to attract seamless synergy, patronage and promotions that will on the long run affect positively the political, social and economic development that is interwoven.
The Management in it’s bid to affect our national life, had segmented these areas simultaneously to drive the economic potentials of the country, and increase in the Gross Domestic Product (GDP).
Manufacturing as one of the critical sector controls 77% of the sector, which ranges from Cement, Building Materials, Food and Beverages, Tobacco, Chemicals, Fertilizer, Wood and Textiles.
The huge investments in these areas was capable of galvanising provision of jobs, wealth creation valuable contributions and increased tax revenue for the government in all areas, particularly at this period of recession among many others contending variables.
While Agro processing is a subsector of the Manufacturing sector, that owed it’s existence and operations largely on primary materials and intermediate goods from agriculture, fisheries, forestry among many others.
This included Food processing, Business, Fruits, Vegetable,Rice, Corn and paddy that undergoes processing.
It also involved any Oil like, Coconut, Groundnut oil, Sunflower oil, Sugar and others.
The Agro Processing items had contributed greatly not only to the economic, but social and job security in the sector.
For Solid Minerals it had been the stable of the country, as it could be found in rocks or oil such as Gold, Salt and Tin.
Minerals which consisted of solid or non solid or both also included Tin, Columbite, Limestone, Gold, Coal and Diamond, with huge benefits towards repositioning the economy of the country.
The exploration of high value minerals resources desiring to be explored and it’s various other stages, will largely enabled the country with huge investors and potential growth.
Going by the new approach to the program on mineral resources endowed to the country, it was obvious that with NEXIM approach, no doubt, oil as the stable of the country’s revenue, will become a thing of the past .
The new approach towards Services in all sectors which comprises of Transport, Communication, Utilities, Electricity, Water and Business Service on a larger and commercial scale, no doubt will be an outlet of not only exploration, but engagement route for huge unemployed Nigerians in all areas, and provide a leeway to economic growth and sound policies.
With these combinations and acronym of MASS, powered by the leadership of NEXIM Bank, it is germane that having provided the enabling environment including funding and policy direction, no doubt the economy of the country will bolster in all areas.
With concerted efforts by the Abba Bello led NEXIM Bank, the coarse is becoming more clearer for the return of activities, particularly the moribund sectors that made the new acronym and approaches.
Yusuf, Is A Public Affairs Analyst, Writes from Abuja on firstname.lastname@example.org.