By Ifeanyi Onuba, Abuja

Wednesday, 15 Dec 2010

The Nigerian Export Import Bank has said that a total of N21.4bn has been committed to the growth of the solid minerals sector since 2005 till date.

The Managing Director of the bank, Mr. Robert Orya, who disclosed this in an interactive session with journalists in Abuja also expressed the bank’s readiness to continue to grow the solid mineral sector in order to enhance the vibrancy of the non-oil sector.

He noted that the intervention was consistent with the Federal Government’s objective of diversifying the economy on a sustainable basis.

He explained that the non-oil sector held ample opportunities for growth and development adding that the bank would not relent in encouraging credible importers and exporters that shared the same vision with it.

He said, “This intervention is consistent and it is geared towards growing that sector to make the nation achieve its objective of diversifying the economy on a sustainable basis,”

He disclosed that the management of the bank was pursuing a vigorous policy of growing the manufacturing, solid mineral, services, tourism, transportation and other non-oil sectors to ensure the robust growth of the economy.

Specifically, he disclosed the bank’s rising interests lay in boosting the tourism sector, especially, the hotel and hospitality component of that sector.

He added, “NEXIM bank is involved in the building of modern, globally-competitive hotels across the country. We have committed about $1.2m to the building of Kano Central Hotels and we are involved in other similar projects aimed at attracting tourists to the nation.

“We have financed the purchase of two new airplanes for a local airline to boost the movement of tourists to the country”, he said.

He explained that his efforts had been geared towards repositioning to ensure its commitments to its core objective of growing the non oil sector since his appointment as managing director in August last year.

He admitted that paucity of funds had been hampering the operations of the bank adding that “the situation is improving now as we are vigorously pursuing the recovery of debts owed the banks by some of its debtors.

He added, “The EFCC is helping us and we have also restructured the bank to eliminate wastages and redundancy. We are trying to create awareness about the new outlook of the bank.

“The informal sector is huge and promising.”

 

Source: Punch