The Nigerian Export-Import Bank has signed an agreement with the Small and Medium Enterprises Development Agency of Nigeria to promote the export of locally manufactured products by Small and Medium Enterprises.
The Managing Director, NEXIM, Abba Bello, signed the instrument of the agreement on behalf of the bank while the Director-General, SMEDAN, Dr Dikko Radda, signed for his agency.
NEXIM was established by the Federal Government as an export development bank to promote the diversification of the Nigerian economy by offering finance, risk management and trade facilitation services to exporters.
The MOU, according to a statement from NEXIM on Thursday, is aimed at promoting synergy between the two institutions towards capacity building of Nigerian SMEs.
This, it stated, would help to boost their contributions to exports and enhance formal trade.
The statement said the agreement is structured in a manner that would provide capacity to assist SMEs to implement the required corporate structures.
It added that this would position these SMEs to benefit more from government incentives towards increasing their productivity and promoting economic diversification and inclusive growth in line with the Economic Recovery and Growth Plan.
It reads in part, “The MOU states that the two institutions shall jointly ensure that more Micro, Small and Medium Enterprises benefit from the African Growth & Opportunity Act initiatives of the United States.
“Both institutions will also promote technical capacity of MSMEs through workshops in the six geo-political zones of the country and also identify export ready entrepreneurs for possible funding.”