By Oluwaseun Sonde
Nigerian Minister of Finance, Budget, and National Planning, Mrs. Zainab Shamsuna Ahmed has hailed the Nigerian Export-Import Bank NEXIM for recovering more than N12 billion Non-Performing Loans from its debtors.
The Minister gave applause on Friday while inaugurating members of the board of NEXIM as well as the National Insurance Commission at the Finance, Budget, and National Planning Headquarters in Abuja.
Ahmed credited the Bank for now having a healthy balance sheet, which has grown from about N63 billion in April 2017 to the current level of N250 billion, added its recovery from a loss of N8 billion in 2016 to sustained profitability, reaching N4.1 billion in 2021.
The Minister congratulated the entire Board, Management and staff of NEXIM for the re-appointment of the Managing Director/Chief Executive Officer, Mr. Abba Bello, the Executive Director, Corporate Services, Dr. Bala Bello and the Executive Director, Business Development, Honourable Stella Okotete, by the President for their second and final term of five years which commenced on 21 April, 2022.
Ahmed who was aware prior to the appointment Mr Bello, the Bank had been confronted with a myriad of challenges including high volume of non-performing loans, inadequate capitalisation, paucity of operational funds and loss of focus on core mandate which limited its performance.
While she heartwarming noted that under his stewardship, the Bank has witnessed a complete turnaround in all areas of its operational and financial indices and is now on the path of growth.
According to her, “I wish to specifically commend your efforts towards the realization of policy objectives of government in the areas of economic diversification and creation ot jobs for our citizens by attracting concessional funds into the export sector through strategic partnership.”
She expressed optimism that in the next five years, the government hopes to see a quantum leap in the contribution of the non-oil sector to export revenue to at least 30 per cent.
“This believe is possible and government will be willing and ready to give you thee desired support to achieve this target.
“The threat of a mono product economy is real, and the recent episode of the COVID-19 pandemic has further underscored the need for Nigeria to widen its export basket and deepen its export market,” Ahmed noted.
Also, during the inauguration of the Governing Board of NAICOM, the Minister tasked them to familiarize themselves with the functions, procedures, rules and regulations of the industry which will enable them function effectively and efficiently.
While congratulating them, Ahmed stated that the only way they can reciprocate President’s confidence in them is by bringing their wealth of experience to bear on the activities of the Commission and Insurance Industry at large.
"It is your responsibility to ensure good corporate governance is entrenched in the Commission, support management in creating enabling environment for both the staff and other stakeholders and ensure harmony within the Board".
The Minister stressed the need for the Board and management to evolve policies and create new insurance products as well as build the desired trust and confidence in the minds of Nigerians with a view to enhancing insurance penetration.
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