The managing director of the Nigerian Export-Import (NEXIM) Bank, Mr Abubakar A. Bello, together with his team, paid a courtesy call to his counterpart at NIRSAL Plc, Mr Aliyu A. Abdulhameed, to carry on discussions about an extensive partnership between both agencies on agricultural finance and export opportunities.
According to the MD of NIRSAL, the partnership between both agencies would strengthen the already existing ties which would aid the execution of the roles of both agencies as they relate to agriculture and export.
In his words, Mr Abdulhameed stated thus “before we engage a bank like NEXIM to finance a project, we do the modelling first”. He further stated that “being the export financing bank of the Federal Government, NEXIM would require its risk component to be absorbed, which is what NIRSAL is ready to offer”.
Also speaking, the Managing Director of NEXIM Bank agreed that mindsets of Nigerians should switch from agriculture being cultural to agriculture being a business. He pointed out that the Bank is ready to go downstream in agriculture to facilitate export for suitable farm produce.
He acknowledged that agriculture both in Nigeria and elsewhere has always struggled for sustenance, but will now be improved as a result of the systems the partnership will put in place. According to him, the determination of the government and the need to diversify the economy to other sources of foreign exchange has presented the need to have a lot of cooperation between stakeholders to achieve the goal of de-risking agriculture.