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EXPORT – IMPORT FINANCING IN NIGERIA: A STUDY OP NIGERIAN EXPORT – IMPORT BANK (NEXIM).
ABSTRACT
Export Financing is not new to Nigeria. Prior the establishment
of the NEXIM Bank, the Nigeria Export promotion Council (NEPC),
the disbanded marketing Boards handled the promotion of mainly
Agricultural products. With the discovery of Oil, and its
subsequent exportation, the nation’s export posture shifted from
the exportation of Agricultural products and other forms of
minerals to oil alone.
Due to decline in the price of oil, the adverse effect it has on
the economy became a sudden fall in foreign exchange base of the
nation.
In order to redress this serious situation, the Federal military
Government promulgated in 1986 the export incentive and miscellaneors provision Decree which enumerated a number of incentives
to be provided by the NEPC and other agencies of Government. The
decree with its incentives serve as a spring board to which
individuals and corporate entities could export to earn the
needed foreign exchange for the nation.
The study attempts to look at the structure, functions and
objectives and the problems facing the export sector and the
solutions.
As sources of data collection, both primary and secondary methods
were used. Publications seminar papers and texts books were
mainly the source of secondary data while questionnaires,
interview and verbal discussion were used as primary sources to
obtain pertinent information.
in 1988, the enabling Decree – the Nigerian Export credit
Guarantees Insurance Corporation Decree No 15 of 1988 was
promulgated and its pioneer board inaugurated in November 1990.
The organisation commenced operation in January 1991.
The Decree was repeated by the Government and provided for
establishment of NEXIM Bank.
After series of operational and technical studies were
conducted, NEXIM Bank emerged by Decree 38, 1991.
The services rendered by the NEXIM Bank towards export financing
and promotion in Nigeria were stressed and all the necessary
procedures and documents required by an exporter to go into the
export business.
Export Financing is not new to Nigeria. Prior the establishment
of the NEXIM Bank, the Nigeria Export promotion Council (NEPC),
the disbanded marketing Boards handled the promotion of mainly
Agricultural products. With the discovery of Oil, and its
subsequent exportation, the nation’s export posture shifted from
the exportation of Agricultural products and other forms of
minerals to oil alone.
Due to decline in the price of oil, the adverse effect it has on
the economy became a sudden fall in foreign exchange base of the
nation.
In order to redress this serious situation, the Federal military
Government promulgated in 1986 the export incentive and miscellaneors provision Decree which enumerated a number of incentives
to be provided by the NEPC and other agencies of Government. The
decree with its incentives serve as a spring board to which
individuals and corporate entities could export to earn the
needed foreign exchange for the nation.
The study attempts to look at the structure, functions and
objectives and the problems facing the export sector and the
solutions.
As sources of data collection, both primary and secondary methods
were used. Publications seminar papers and texts books were
mainly the source of secondary data while questionnaires,
interview and verbal discussion were used as primary sources to
obtain pertinent information.
in 1988, the enabling Decree – the Nigerian Export credit
Guarantees Insurance Corporation Decree No 15 of 1988 was
promulgated and its pioneer board inaugurated in November 1990.
The organisation commenced operation in January 1991.
The Decree was repeated by the Government and provided for
establishment of NEXIM Bank.
After series of operational and technical studies were
conducted, NEXIM Bank emerged by Decree 38, 1991.
The services rendered by the NEXIM Bank towards export financing
and promotion in Nigeria were stressed and all the necessary
procedures and documents required by an exporter to go into the
export business.
