Mr. Abba Bello, Managing Director/Chief Executive of the Nigerian Export-Import Bank (NEXIM), stated that the implementation of aggressive debt recovery and proactive loan measures increased recoveries from N200 million in December 2016 to N10.2 billion and $3.25 million between January 2017 and February 2022.
The MD also stated that the loan recovery drive had resulted in the seizure of assets worth around N7 billion, which are currently for sale.
He stated that efforts to clean up the balance sheet, as well as improvements in risk management techniques, had resulted in new loans granted in 2018 performing 100% of the time, a significant improvement from the large non-performing loans in the past.
Upon taking office on May 2, 2017, the new management developed a new Strategic Plan (2018 – 2022) aimed at increasing operational performance, implementing the bank’s mandate, and contributing to the federal government’s objectives under the Economic Recovery and Growth Plan.
Currently, in its fifth year of operation, Bello stated that the plan had contributed to the bank’s dramatic turnaround in operational performance.
“Unlike in the past, the bank has also engaged significantly with stakeholders, with improved relationships manifesting in collaborative efforts toward policy intervention and increased focus on the non-oil export sector,” he said.
“By restructuring regional offices, the bank will be able to maintain a presence in each geopolitical zone of the country, allowing for better market penetration and nationwide coverage.”
The NEXIM Bank CEO also revealed that the development finance institution’s activities under the Export Development Fund (EDF) had resulted in the processing of 442 Applications worth N461 billion and $43.69 million, of which N214.65 billion had been approved and N153.03 billion had been disbursed to 101 beneficiaries, as well as approvals totaling N55.85 billion that were undergoing the pre-disbursement process.
He stated that so far, $492.97 million and €1.17 million, which translates into N196.32 billion, have been received as export proceeds from projects that have repatriated their income, while others have yet to close the transaction circle.