Nigeria Export-Import (NEXIM) Bank has given fresh assurance that the bank would continue to work with major stakeholders towards meaningful development of the cocoa industry in the country with the resuscitation of the near moribund Multi-Trex Integrated Foods Limited in Ogun State.
The Managing Director, NEXIM Bank, Abubakar Abba Bello, disclosed this during a joint facility tour of Multi-Trex Integrated Foods Limited, by the management of the bank in company of the House of Representatives Committee on Banking and Currency.
Bello assured of NEXIM Bank’s commitment to the revitalization of Multi-Trex Cocoa processing plant. noting that discussions have reached advanced stage with the Asset Management Corporation for a restructuring of their obligation for a period of five years, while NEXIM would provide a working capital of N5 billion to enable the factory commence full scale operation.
He used the opportunity to call on entrepreneurs in the cocoa processing value chain to avail themselves of the N500 billion single digit interest rate funding incentive by the bank as he reiterated the bank’s commitment to promoting export-oriented investments in the non-oil sectors of the Nigerian economy.
“It is our determination to bring back Multi-Trex to life. This will create jobs and encourage export.”
Also speaking, the Chairman, House Committee on Banking and Currency, John Onyereri, harped on the need to encourage the private sector to advance the growth of the economy by reducing the interest rate on loans.
While addressing newsmen at the Multi-Trex factory, Onyereri said the private sector must be stimulated because it is the only way to grow the economy. He noted that it was annoying “that we pride ourselves to have the biggest economy in Africa while our private sector’s contribution to the GDP is small.”
Similarly, the Vice Chairman and Chief Executive Officer, Multi-Trex, Mr Dimeji Owofemi, said cocoa is the largest non-oil commodity in the country and the best way to benefit from this natural resource is to collaborate with the Central Bank of Nigeria, NEXIM Bank and the Bank of Industry to fast tract the revival of the cocoa processing plant.