28 November 2012

Nigeria: NEXIM Partners Turkish Bank to Develop Non-Oil Sector

The Nigerian Export-Import Bank (NEXIM) says it is partnering with the Export Credit Bank of Turkey to boost the development of the non-oil sector of the economy.

A statement from NEXIM on Tuesday in Abuja stated that a framework to that effect had been presented to the Turkish bank.

The statement said that the move was borne out of the need to explore additional off-shore sources of financing to cater for the bank's rising profile of investors in the Nigerian economy.

"There is great economic potential between Turkey and Nigeria and our bilateral trade has reached more than a billion dollars as of June 2012," Mr Roberts Orya, NEXIM bank Managing Director, was quoted as saying in the statement.

According to Orya, Nigeria offers great opportunities to Turkish business in terms of investments in the non-oil sectors of its economy, especially in the service sector.

This, he said had high potentials for job creation and foreign exchange earnings.

Responding, Mr Alaadin Metin, the Deputy General Manager of Türk Exim Bank, said NEXIM had shown good vision by rekindling the existing relationship between the two banks, which commenced since 2010.

He expressed optimism that the present discussion would yield the desired results.

Metin said that Turkey Exim Bank was a state-owned bank acting as the Turkish Government's major export incentive instrument in sustainable export strategy.

He said that it had the mandate to support foreign trade and Turkish contractors and investors operating overseas.

"Its main objectives are promoting Turkey's exports through diversification of exported goods and services by increasing the share of Turkish exporters in international trade," the statement quoted Metin as saying.


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