The Central Bank of Nigeria (CBN) yesterday approved a N300 billion export stimulation fund for the Nigerian Export-Import Bank (NEXIM).
The bank also got additional N50 billion from the CBN for refinancing of loans obtained by investors from commercial banks.
The NEXIM chief, Robert Onya noted that most of the foreign loans obtained are yet to be utilized due to the dissolution of the NEXIM board and the non- constitution of a new one.
According to Robert Onya during a committee members on bank activities so far, $33 million was disbursed from the $200 million African Development Bank (AfDB) facility obtained in 2011 for financing Small and Medium Enterprises (SMEs).
The board was dissolved because of delay in obtaining approval for Sovereign Guarantee while they were waiting for customers.
