Kwara signs partnership agreements with NEXIM to advance industrialization linked to exports.

Kwara signs partnership agreements with NEXIM to advance industrialization linked to exports.
To support export-related industrialization and investment development in the state, the Nigerian Export Import Bank (NEXIM) and the Kwara State Government have entered into a collaboration agreement.

After meeting the necessary requirements, the agreement, which was signed in Cairo, Egypt during the Intra-African Trade Fair (IATF), will entitle Kwara and private exporters of non-oil commodities operating in the state to State Export Development Funds and other supports.

In accordance with the MOU, NEXIM will provide financial and export consulting services. These services may involve figuring out financing arrangements, selecting an appropriate investment portfolio, and assisting export market offtake, particularly for SMEs and enterprises that support the empowerment of women and youth.

The state government's signatory, Governor AbdulRahman AbdulRazaq, stated that in an effort to diversify the local economy, the administration has invested in various projects and implemented policy initiatives, such as lowering the telecom right-of-way from N5,500.00 to N1.00.

Kwara State and NEXIM in Cairo have inked partnership agreements.

According to him, the state has also obtained from IHS financial guarantees and business alliances for its innovation cluster.

Governor AbdulRazaq presented the industrial park and other state-funded projects to the AfriEximBank team during a brief meeting. He stated that the state is amenable to public-private partnership arrangements that would ensure the projects are viable and sustainable for the benefit of the populace.

One of the few states in Nigeria represented at the IATF 2023, which concludes on Wednesday, November 15, is Kwara.

In order to create a single market for the continent, the largest free trade area, the Africa Continental Free Trade Area (AfCFTA), unites eight regional economic communities and African nations of the African Union. Over 4,000 delegates, exhibitors, and industry leaders attend the IATF.

The signing of the agreement is a step in the right direction for Kwara State, which wants to grow its economy and give its people jobs. The state will receive the assistance it needs from the cooperation with NEXIM to grow its export industry and draw in international capital.

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