30 November 2012

Nigeria: NEXIM Bank, Turkish Exim Bank Seek Deeper Financial Cooperation

Nigeria Export and Import Bank (Nexim) has commenced disccusions with the Turkish Export Bank (Turk EximBank) on how to deepen financial and technical cooperation between the two countries in the area of export diversification.

During a visit to the Turk EximBank in Ankara, Turkey, Managing Director/CEO of Nigerian Export Import Bank (NEXIM), Mr. Roberts U. Orya presented a strategic framework to his Turkish counterpart aimed at deepening the already existing collaboration between the two EXIM Banks

Nexim Bank's spokesman, Mr. Chinedu Moghalu, said in a statement that the business visit to Turkey was borne out of the need to explore additional off-shore sources of financing to cater to the Bank's rising profile of investors in the MASS sectors of Nigerian economy.

"The delegation led by Orya to Turk Eximbank included high level officials of the African Export Import Bank - AFREXIM Bank from Cairo, Egypt led by the Executive Vice President Finance, Administration and Banking Services, Mr. Denys Denya. Also, other business moguls from Nigeria's private sector led by Chief Sunny Odogwu, the Ide of Ahaba of The Odogwu Group of Companies, were part of the NEXIM delegation.

Receiving the team, Mr. Alaadin Metin, the Deputy General Manager of Turk Eximbank, expressed satisfaction that the NEXIM MD has shown good vision by rekindling the existing relationship between the two Exim Banks which commenced since 2010 but was given a renewed impetus after President Goodluck Jonathan took the initiative to encourage a more mutually beneficial commercial exchanges between Nigeria and Turkey during his official visit to Ankara, Turkey in February 2011 Ankara as the official guest of President Abdullah.

Mr. Metin expressed optimism that the present discussion will yield the desired results in line with the already beneficial relationships between the two countries.

Going further, Mr. Orya reminded the Turk Eximbank officials that there is great economic potential between Turkey and Nigeria and that bilateral trade has reached more than a billion dollars as of June 2012.

According to the NEXIM MD, Nigeria offers great opportunities toTurkish business in terms of investments in the non-oil sectors of her econmoy, especially in the service sector, namely tourism promotion, establishment of branded hotels, etc which he stressed have high potentials for job creation and foreign exchange earnings.

Responding, Mr. Metin emphasized that Turk Eximbank is a fully state-owned bank acting as the Turkish government's major export incentive instrument in Turkey's sustainable export strategy with the mandate to support foreign trade and Turkish contractors/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, finding new markets for traditional and non-traditional export goods and providing exporters and overseas contractors with support to increase their competitiveness and to ensure a risk-free environment in international markets.

As a means of aiding export development, like its Nigerian counterpart, the TürkEximbank offers specialized financial services through a variety of credit, insurance and guarantee programs."

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