NEXIM Bank Targets N5.12 Billion Profit in 2018

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Enterprise Television- NEXIM Bank Targets N5.12 Billion Profit in 2018

The Managing Director/Chief Executive, Nigerian Export-Import Bank (NEXIM), Mr. Abba Bello has put the bank’s estimated profit before “bad and doubtful” provisions for 2018 at N5.12 billion.

The figure was however, expected to shrink to N2.57 billion after liabilities are net off, he said.

He said total asset base budgeted for the year was N371.01 billion as well as gross operating income of N13.45 billion before interest charge.

According to submissions made before the House of Representatives Committee on Banking and Currency at a recent interaction, Bello said the development finance institution expected about N1.97 billion from project finance facilities and N854.08 billion from trade facilities.

Meanwhile, the MD has expressed support for current moves to establish the inland dry ports in designated areas in the country.

He said the Inland dry port would promote and drive the exports of Nigerian products and serve the West and Central African markets that are land-locked.

He therefore, pledged the Bank’s commitment to drive the initiative by participating on a promotional basis and providing the relevant technical/ financial support.

Speaking when he received the Executive Secretary/Chief Executive, Nigerian Shippers’ Council, Mr. Hassan Bello who paid him a courtesy visit in Abuja, the NEXIM boss urged the council to come up with a workable template/framework to map out the areas of partnership and support to be provided by NEXIM Bank.

He further urged the Council to ensure the successful establishment/running of the Kaduna Dry Inland port which should serve as a pilot model in creating other Inland Dry Ports.

Both agencies also discussed and explored other areas of collaboration and synergy to promote Nigerian export activities.

However, the Shippers’ Council boss explained that the visit was to seek for support and collaboration of NEXIM towards actualising two projects with huge economic potential and which are targeted towards boosting trade and export opportunities, employment creation and foreign exchange earnings for the country.

According to him, the projects included the establishment of the Inland Dry Ports and Truck Transit Parks in designated states of the country.

It is an initiatives of the council which has the support of the National Economic Council (NEC) and aimed at addressing the issue of de-congesting the Nigerian Sea Ports in order to provide seamless movement of goods and services between the sea ports/dry inland ports as well as assist in the over-all costs of cargo to hinterland locations and transit cargoes to landlocked countries.

He said the Truck Transit Parks would also provide multiple benefits, including safety of truck drivers and the environment, while also stimulating other economic activities as hotels, restaurants and hospitals that would be built around the parks.

He informed the meeting of the support of the Central Bank of Nigeria (CBN) in providing an enabling platform for the dry inland port and ended his remarks by appealing and soliciting for NEXIM’s intervention under a Public Private Partnership structure.

 

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