The Export-Import Bank of Nigeria (NEXIM) has shown plans to provide N37bn for 36 federation states and the Federal Capital Territory (FCT) in order to stimulate the development of basic agricultural products for export.
The bank noted that each state and FCT will receive N1b, but the money will be provided as an object at an unambiguous interest rate, while the amount will be increased when such a need arises.
According to the managing director of the Bank Abubakar Bello, speaking in Katsin, the money will be used to develop and support one or two export goods from primary products to the export stage.
Bello noted that "this initiative is aimed at supplementing the efforts of the federal government to diversify the income of the oil industry in agriculture."
He explained that the bank chose Kacinu as a pilot state to start the initiative, and that both the bank and the state government will work closely to ensure the success of the initiative.
