Just In: Governor Masari secures another N1bn NEXIM Bank’s loan for Katsina State
The Katsina state government has secured a N1 billion loan facility from Nigeria Export-Import Bank (NEXIM), for the development of an ‘’export-worthy agricultural product’’, The Nation, reports.
The facility, which has a single-digit interest rate is also available for all states of the federation interested in harnessing a chosen agricultural product for export.
The Managing Director of the bank, Mr. Abubakar Bello made the above disclosure in Katsina when he visited the state Governor, Aminu Bello Masari at the Government House
Bello said the effort, referred to as One State One Product project, is aimed at diversifying the nation’s economy and reduces dependence on oil.
He said the facility would be disbursed to farmers of a chosen product to cut across the value chain so that every one of them would stand to benefit.
He, however, said the bank was aware the facility was inadequate, but that the portfolio could be increased with time to give room for expansion.
The NEXIM boss also said that Katsina and other states interested in the facility could expand the agricultural product to two, so long as same was customized to the state.
He, however, called on the state government to consider harnessing and exporting sesame seed as it is a thriving product in the state, and has high demand in Asian countries.
He said “We are going to every state to put money behind every agricultural product chosen by the state for export.
“So we have a N1 billion facility available for Katsina state. The N1 billion is for a start, and the product is expected to be customized to the state’’.
“The N1 billion is to pilot the product for each state; as time goes on, we’ll grow the portfolio,”
Responding, Masari said the facility may not be adequate considering a large number of people within the value chain of an agricultural product.
He called on NEXIM bank to also look at ways it could invest in the processing of export-worthy products from the states and not just producing them alone.
He, however, said that the state would consider sesame seed and hibiscus as possible products for export from the state.
It could be recalled that the main opposition party in the state – the PDP is always accusing the APC led administration of incurring loans since its inception in 2015.