NEXIM bank provides N1bn loan for entertainment industry

By 05:54 Tue, 30 Jun 2015 Comments


The Nigerian Export Import Bank said it had provided over

N1bn loan to support various projects along the value

chains in the creative and entertainment industry.

The Managing Director in a presentation made in Abuja said

the amount was made available to the sector owing to the

inherent opportunities and the high growth prospects of the

industry.

He said the sector, which currently contributes about 1.4

per cent to the country’s Gross Domestic Product is

projected to grow its contribution to double digit within the

shortest time possible

Orya said in order to unlock the potentials of the sector,

there is need to improve the funding commitment to the

industry so as to reduce the level of unemployment and

create wealth for the people.

He said, “In view of the inherent opportunities and the high

growth prospects of the creative and entertainment

industry, as evidenced in the 1.4 per cent contribution to the

GDP and projection of double digit growth rate, NEXIM is

unlocking the huge potentials of this sector through funding

commitments currently in excess of N1bn in support of

various projects along the value chains.

“This is in addition to developmental initiatives, targeted at

ensuring that the industry operates in a structured manner

and within global best practices and standards.”

Orya stated that under his management, the bank has

embarked on various strategic initiatives aimed at

facilitating trade, deepening the regional market and

unlocking opportunities in critical sectors of the economy.

Some of the initiatives according to him are the ECOWAS

trade support facility which is designed to improve the

current intra-regional trade level which is currently less

than 8.5 per cent,

The facility, he added, would also help to capture the huge

informal intra-regional trade which is estimated at $12bn

yearly by the Nigerian Export Promotion Council by

supporting small traders across the region.

He also said the bank had facilitated a Regional Sealink

Project to boost intra-regional trade by helping to mitigate

the issues of high transportation cost and excessive transit

time.

The excessive transit time, he noted, had made trade within

the region to be non competitive.

The NEXIM bank boss said the management of the bank

would ensure that its mandate of diversifying the external

sector of the Nigerian economy away from oil is achieved.

In addition, he said the bank would facilitate more long term

concessionary funds and investment capital towards

developing the non oil sector of the economy

This, he added, would be achieved through export credit

facilities, risk bearing facilities, export advisory services as

well as trade and market information.


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