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NEXIM Launches N36B Fund to Promote SME Sectors Across Nigeria

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The Nigerian Export-Import Bank (NEXIM) has launched a N 36 billion Export Development Fund to be disbursed to targeted export-oriented projects in the Small and medium-sized enterprises (SME) sector across the country.

Mr Abba Bello, its Managing Director/ Chief Executive, said this in Akure at the exporter enlightenment forum for the South West region held in Akure, the Ondo state capital.

Bello pointed out that a minimum of N1billion for every state of the Federation to be disbursed to targeted export-oriented projects in the SME sector,

Bello said that “As the nation’s Export Development Bank, the Nigerian Export-Import Bank (NEXIM), is in the vanguard of promoting economic diversification, towards increased jobs creation and foreign exchange earnings for the country.

“In this regard, and in line with the Zero Oil Plan of the federal government, which seeks to develop at least one exportable commodity in every state of the federation, we have launched the State Export Development Fund.

“Under this programme, we have earmarked a minimum of N1billion for every state of the federation to be disbursed to targeted export-oriented projects in the SME sector, towards crowding in investment and promoting regional industrialization and economic development.

“This fund is also expected to support the various states to benefit from the opportunities provided by the African Continental Free Trade Agreement (AfCFTA) to which Nigeria is a signatory.

“As you may all be aware, the AfCFTA, which commenced in January 2021 comes with enormous benefits, including a borderless market of about a 1.2billion people, with a combined GDP of about $3.4trillion.

“It, therefore, offers our SMEs, particularly those engaged in cross-border trade, the opportunity to increase their sales under a more liberal market condition.

“This scheme also seeks to corporatize and onboard our informal exporters into the formal sector, and through this capture the huge volume of informal trade which has been estimated at about four times the value of recorded trade.

“While our intervention under the State Export Development Programme is targeted mainly at export-oriented projects promoted by the private sector, the State governments have a major role to play towards creating an enabling environment for the effective utilization of the fund, particularly in such areas as land allocation, issuance of permits and other necessary support.

“We have already commenced discussions with some state governments on this scheme and we hope to continue the engagements with all the state governments present here at this forum.

“Aside from the State Export Development Programme, NEXIM also offers other intervention schemes, which include the Women and Youth Export Facility (WAYEF), which was recently launched as a financial inclusion strategy for the vulnerable groups.

“We also have the N500bn Non-Oil Export Stimulation Facility, which is targeted at the medium and large-scale exporters.

Bello lamented that ” it is rather a paradox that despite our huge human and natural resource endowments, Nigeria remains a mono-product economy, with the crude oil sector contributing about 70% of government revenue and about 90% of export earnings.

“Nigeria has over 44 solid minerals in commercial quantities, found all over the country, largely unexploited.

“The point of emphasis is that our country is so blessed, and our economy need not be tied to the vagaries of one commodity, which contributes less than 10% of our Gross Domestic Product.

Mrs Stella Okotete, the Executive Director, NEXIM Business Development, said the bank came to Ondo State because of the export potentials available in the state.

She said the bank was ready to partner with the southwest governments to develop the export capacities in the region.

Governor Rotimi Akeredolu said that Governors in the Southwest are steadily working together in the Agriculture sector through the formation of the Southwest Agric Company (SWAgCo).

According to the Governor, SWAgCo is a registered company under the Oodua conglomerate which was created for effective exploration of agricultural resources in the region.


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Bolt Hosts Second Edition of ‘Bolt Driver’s Football League’ to Foster Unity and Inclusion

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Bolt, a leading ride-hailing platform, continues to strengthen its bond with driver-partners by hosting the second edition of its ‘Bolt Driver’s Football League’ in Lagos on Wednesday.

The second edition tournament, themed “Fostering Unity and Inclusion”, aimed to enhance the relationship between Bolt and its driver-partners. The event underscored the platform’s commitment to the well-being of its drivers, recognising the essential role they play in the ride-hailing ecosystem.

Organised in partnership with the Lagos State Ministry of Transportation, OneHealth by AXA, Oraimo, and Mycovergenius, the event was a resounding success.

Bolt driver-partners from various locations across Lagos participated enthusiastically in the mini football tournament. The event featured knockout matches between four teams formed by the drivers, showcasing their sporting skills in a spirit of camaraderie and healthy competition.

In addition to the football matches, the event offered a safe and enjoyable playground for the children and families of the drivers. They spent the Democracy Day holiday engaged in games, activities, and entertainment, making the event a memorable occasion for all attendees.

Giving the opening remarks, the Director of Public Transport and Commuter Services (PTCS), Engr. Olusoji Adebayo said, “I would like to thank Bolt for organising this brilliant initiative.

“It is indeed an opportunity for Bolt drivers to meet and relate with transport regulators in an atmosphere that encourages cohesion and exchange of ideas, challenges and solutions that is peculiar to Bolt drivers in Lagos State.

“I hereby express my sincere appreciation for the efforts of the Bolt team for organising this event which is important to portray and ensure an attitude of excellence and professionalism among the e-hailing operators in Lagos State.”

Speaking at the event, Yahaya Mohammed, Bolt’s Country Manager said, “We believe in fostering a strong sense of community and building meaningful relationships with our drivers. Through initiatives like this, we are not just a ride-hailing platform; we are a supportive and vibrant community that values the contributions of our drivers.

“Together, we are driving towards a future of excellence in service and driver empowerment. I am thrilled to witness the incredible comradeship and passion displayed by our drivers today. This event exemplifies Bolt’s unwavering commitment to driver engagement and satisfaction”

Weyinmi Aghadiuno, Acting Head of Regulatory & Policy Africa at Bolt, expressed enthusiasm about the event, saying, “We are thrilled to host this novelty football competition as a way to bring our driver community together in a spirit of unity and inclusion.

“Our drivers are the backbone of our service, and this event is our way of showing appreciation for their hard work and dedication. By creating opportunities for our drivers and their families to connect and engage in a fun, relaxed setting, we aim to strengthen the bonds within our community and celebrate the diversity that makes us stronger.”

The event concluded with the presentation of medals and trophies to the top three teams, along with outstanding prizes for participants. The winning team received a cash prize of N500,000 plus an additional N200,000 from the Lagos State Ministry of Transportation.

The runner-up team was awarded N350,000 plus an additional N150,000 from Oraimo, while the third-place team received N250,000. In total, the cash prizes amounted to 1.3 million naira. Additionally, exciting prizes were won by female drivers and other attendees during the raffle draw.


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UEFA EURO 2024: PalmPay Partners iLOT, BetWay, BetCorrect, AccessBet and BetKing, Unveils Bet and Win Big Promo

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This UEFA EURO ‘24 football season, leading fintech platform, PalmPay, brings loads of excitement for its users in partnership with iLOT, BetWay, BetCorrect, AccessBet and BetKing to unveil the Bet and Win Big promo.

From June 14th to July 15th, 2024, users can deposit in their betting wallets and stand a chance to win an iPhone 15 Pro and share in millions of cash prizes.

How to Play and Win

  1. Download the PalmPay App: If you haven’t already, download the PalmPay app from your app store.
  2. Deposit and Win Draws: Deposit a minimum of N2,000 to get a 1 draw chance. You can earn up to 5 draw chances in total. The more draw chances mean a higher probability of winning the coveted iPhone 15 Pro.
  3. Accumulate and Share Cash Prizes: Make accumulated deposits of N500,000 or more over the campaign period. Users with total deposits of N500,000 and above will share millions in cash prizes.

The bigger your accumulated deposits, the bigger your share of the cash prizes..

For more information and updates about the promo, follow PalmPay follow us on X, Instagram and Facebook for more information.


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Ultimate Brand Faceoff as CVA 2024 Voting Closes 30th June

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Consumers show their loyalty for their preferred Brands in the ongoing voting for brands based on market experiences that is scheduled to close on 30th September 2024. In over 40 categories listed based on consumers nomination, Brands are contending for the top spots based on consumer preference.

The ongoing voting process is transparent and can be seen by anyone as the data is available on the consumer value awards website. In the telecommunication category (MNOS), MTN takes the Top spot having 46% of consumers vote in the category, Spectranet leads the Internet Service Provider Category with 80% of votes.

In the Table Water Category CWay overtakes Eva water who was the leading brand in the last month with Cway now having 37% of the vote in the category. This shows how competitive the voting is.

Some other brands have also moved up to be in the top spot in their categories, brands like fearless with 55% of vote in the Energy Drink category, Reload Multivitamin with 64% of vote in Multivitamin Infant category, cowbell with 55% vote in the Milk Skimmed Powdered category among others.

Akonte Ekine, Chief Executive Officer BrandXchange and Convener Consumers Value awards said the consumers are validating brand promises and it is a reward for promise kept hence the badge of honour from the Consumers which shows brand appreciation and a call to brand to wake up to the challenges of the economy and innovate to attend to the rising cost of living.

He commended the consumers for participating in the vote and call on more consumers to vote for brands as the closing date of 30th June is fast drawing near.


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