{"id":47439,"date":"2021-03-12T20:27:52","date_gmt":"2021-03-12T19:27:52","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=47439"},"modified":"2021-03-12T20:27:52","modified_gmt":"2021-03-12T19:27:52","slug":"nexim-export-credit-insurance-covers-up-to-80-2","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nexim-export-credit-insurance-covers-up-to-80-2\/","title":{"rendered":"NEXIM Export Credit Insurance Covers Up To 80%"},"content":{"rendered":"

Nigerian Export Import Bank (NEXIM) says its Export Credit Insurance (ECI) is designed to protect exporters in Nigeria against the risk of Non-Payment for goods and services exported on credit terms with a cover against Political Risk as the\u00a0African Continental Free Trade Area (AfCFTA) comes into effect.<\/p>\n

Bashar Garba Illo,\u00a0Acting Head, Export Credit Insurance, NEXIM, stated this during a webinar for exporters organized in partnership with Ecobank on Thursday.<\/p>\n

According to Bashar Garba Illo,\u00a0the objective of ECI is to indemnify both Internal and External exporting customers from losses incurred from any payment default that could arise from political events in the export destination country by providing cover up to 80% of the value of receivables, subject to the Risk Asset Acceptance Criteria (RAAC) outlined for Political Risk.\u00a0<\/b><\/p>\n

He explained that the Bank\u2019s mandate is to support non-oil export sector of Manufacturing, Agro-processing, Solid Mineral and Services.<\/p>\n

In his presentation Kola Adeleke, Executive Director, Corporate Banking, Ecobank Nigeria stated that Ecobank remains the partner of choice in Africa for export trade because of its unique positioning, wide network, pan African payment switch, settlement capabilities, award winning digital products and strategic focus. Mr Adeleke who spoke of opportunities, challenges in export trade maintained that the pan African bank has structures in place for exporters to exploit the opportunities in The African Continental Free Trade Area ((AfCFTA).<\/p>

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\u201cOur unique positioning in 33 African countries enables us leverage our extensive network to reduce the number of financial partners and relationships in executing trade. We own the switch connecting countries where we operate across Africa. This centralized switch enables easy integration. We possess knowledge of the local markets in which we operate resulting in unparallel financial advisory.\u00a0 We offer real-time settlement across Africa. Our customers enjoy instant transfers across 33 African countries, Ecobank has a reputation for developing innovative products. Our digital products have won us several international, regional and local awards and we aspire to be the gateway to pan-African payments and trade.\u201d He stated.<\/p>\n

Mr Adeleke reaffirmed that Nigeria is poised to gain from the investment and trade opportunities that the AfCFTA will inevitably bring because of its market size, supply chain infrastructure and an abundant supply of professionals\/skilled players in various industries. He emphasized that businesses must strategically position themselves, endeavour to understand the dynamics of the ratification to be able to maximize the benefit and opportunities. Adeleke, who \u00a0regretted that export potentials in Nigeria is largely untapped due to focus on oil revenues, reiterated that real sector credit opportunities to utilizing the AfCFTA includes Export development financing, trade finance, Export development financing and SME financing.<\/p>\n

Also at the session was Chijioke Uzoukwu, Head of Trade, Ecobank Nigeria, who listed \u00a0the Ecobank products and services on offer to support Export Trade as comprising letters of credit, Bonds, Guarantees and Standbys as well as Bills for Collections Avalization. He said \u00a0\u201cthe Bank also provides loans for business such as import loans, export loans and supply chain finance. In the trade service, we support customers from initiation to execution in the areas of documentation and compliance, working with regulatory bodies and other stakeholders. We also offer trade advisory solution like market information across Africa, trade specialist support and after sales services. We have an electronic e-trade platform which provides an electronic frontend where the customers can initiate transactions and instruction from the comfort of their home and it will be delivered to the Bank. We also have various collection channels to optimize collections for business like in-branch products, Mobile App, POS, Web\/ Online collection platforms, Ecobank Pay, Omniplus and Omni lite. The Omni plus has the capability to allow you to make bulk payments and also view your accounts with other banks in a single platform.\u201d<\/p>\n

The webinar was a one day event organised by Ecobank in partnership with the Nigerian Export Import Bank (NEXIM) with the focus on sharing opportunities AfCFTA offers to Exporters. The event was an expose \u00a0of the whole gamut of exports as it relates to credit insurance and how small and medium enterprises could benefit from export business taking advantage of the AfCFTA.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigerian Export Import Bank (NEXIM) says its Export Credit Insurance (ECI) is designed to protect exporters in Nigeria against the risk of Non-Payment for goods and services exported on credit terms with a cover against Political Risk as the\u00a0African Continental Free Trade Area (AfCFTA) comes into effect.\u00a0<\/p>\n","protected":false},"author":6,"featured_media":21563,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[8334],"coauthors":[2391],"class_list":["post-47439","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-export-credit-insurance"],"yoast_head":"\nNEXIM Export Credit Insurance Covers Up To 80% - National Wire<\/title>\n<meta name=\"description\" content=\"Nigerian Export Import Bank (NEXIM) says its Export Credit Insurance (ECI) is designed to protect exporters in Nigeria against the risk of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nexim-export-credit-insurance-covers-up-to-80-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NEXIM Export Credit Insurance Covers Up To 80% - 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