Business & Finance

Nigerian Export-Import bank to commence export credit insurance

The Nigerian Export Import(NEXIM) Bank is working on modalities to commence the issuance of export credit insurance to Nigerian exporters to deepen African trade.

This it said would ensure effective participation of the country in the African Continental Free trade Agreement.

The Insurance scheme according to the Chief Executive Officer of the Bank, Abubakar Bello would also make it easier for Nigerian businesses to penetrate other markets on the continent.

Bello who was represented by his Technical Adviser,Mr. Hope Yongo at the African Special Day at the ongoing Lagos International Trade Fair said: with that export credit insurance,that means that Nigerian exporters have no fear whatsoever to enter any market if they want and when there’s a loss,you can be sure that NEXIM can pay you for your loss and we can sort ourselves with our counterparts.

Speaking on boosting intra-African trade,the President of the Lagos Chamber of commerce and Industry, Mr. Babatunde Runwase said the African Continental free trade agreement was a good way to achieve the connection.

Runwase however said it may fail to work if members fail to reform their business environment, diversify their exports base,address regulatory challenges and map out strategies to improve their economic competitiveness.

The African Special Day is part of efforts of the Lagos Chamber to facilitate trade and investment within Africa.

Source: Voice of Nigeria