Lagos - The Nigerian Export-Import Bank (NEXIM) and Nigerian Export Promotion Council (NEPC) are discussing the possibility of creating synergies.
The newly appointed Chief of the NEPC, Mr. Olusegun Awolowo, has paid a courtesy call to his NEXIM counterpart at the Headquarters of the Bank in Abuja to discuss this and other areas of possible collaboration.
The visit would be the first of such courtesy calls by Awolowo since President Goodluck Jonathan appointed him last December.
Welcoming his counterpart to the Government Trace Policy Bank, Orya thanked Awolowo and his team for taking the initial collaborative step, noting that NEPC and NEXIM Bank were the principal agencies of government responsible for the promotion of non-oil exports.
Meanwhile, the NEXIM executive provided the NEPC team with a snapshot of NEXIM Bank’s mandate, mission and vision stating that the institution was established by Act 38 of 1991 as an Export Credit Agency with the broad mandate to promoting the diversification of the Nigerian economy away from oil and deepening the external sector.
Orya stated that upon his resumption in August 2009 as the CEO of the Bank, he discovered that the Bank has completely moved away from its core mandate and veered into lending to both oil and gas resulting in a dismal credit performance and loss of both its shareholders’ and investors’ confidence.
This, he said, warranted him to seek the approval of the shareholders to initiate a Corporate Transformation Project (Project Spring) that led to the re-definition of the bank’s mission.
– CAJ News