The Managing Director/Chief Executive, Nigerian Export-Import Bank (NEXIM), Mr. Abba Bello, has said the introduction of aggressive debt recovery and proactive loan measures had increased recoveries from N200 million in December 2016 to N10.2 billion and $3.25 million between January 2017 and February 2022.
The MD also said the loan recovery drive had led to the seizure of assets worth about N7 billion which are currently on the sale block.
He said efforts to clean up the balance sheet as well as improvement in risk management practices had ensured that new loans granted from 2018 are performing 100 per cent, which is a major departure from the huge non-performing loans in the past.
Upon assumption of office on May 2, 2017, the new management had developed a new Strategic Plan (2018 – 2022) that was articulated towards improving operational performance, achieving the bank’s mandate and contributing to meeting the objectives of the federal government under the Economic Recovery and Growth Plan.
Currently, in its fifth year of operations, Bello said the plan had contributed to the significant turnaround of the operational performance of the bank.
He told THISDAY, “Unlike the trend in the past, the bank has also engaged significantly with stakeholders, with improved relationship, manifesting in collaborative efforts towards policy intervention and increased focus on the non-oil export sector.
“Enhanced operating model through restructuring of regional offices for the bank to maintain a presence in each geo-political zone of the country for better market penetration and nationwide coverage.”
The NEXIM Bank boss further disclosed that activities of the development finance institution under the Export Development Fund (EDF) had led to the processing of 442 Applications worth N461 billion and $43.69 million, out of which N214.65 billion had been approved while N153.03 billion had been disbursed to 101 beneficiaries, as well as approvals totaling N55.85 billion which were undergoing the pre-disbursement process.
He said so far, $492.97 million and €1.17 million, translating into N196.32 billion, have been received as export proceeds from projects that have repatriated their income, while others are yet to complete the transaction circle.