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NEXIM bank supports mines and steel with N1.3bn

15 May 2014, 16:21

Abuja -Nigeria Export Import Bank (NEXIM) will support the mines and steel sector with N1.3 billion in 2014 as part of efforts to boost performance in the non-oil sector.

The Managing Director of the Bank, Roberts Orya, made the plan known in Abuja.

“The bank is supporting the mines and steel sector with 10 percent of its total financing, which amounts to N1.3 billion.

“NEXIM Bank has made an intervention totaling N5.76 billion in the solid minerals sector from 1991 to 2013,’’ he said

Orya also said that the bank had identified manufacturing, agriculture, solid minerals and services as sectors of the economy it would support in its programme.

According to him, the effort is to ensure that any product for export must have “some value addition more than what it used to be in the past.

"With the programme, the bank hopes to increase the efficiency and profitability of manufacturing establishments through the funding and acquisition of new technology.’’

He disclosed that between 2009 and 2013, the bank supported various sectors of Nigeria’s economy with N10 billion.

-  NAN

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