Lagos Nigeria, Tuesday, October 16, 2012 – The Managing Director/CEO of Nigerian Export Import Bank (NEXIM), Mr. Roberts U. Orya visited the facilities of Riggs Ventures West Africa Plc (Riggs) situated at Agege Motor Road, in Lagos. In a statement issued by Corporate Communication Department of the Bank, the visit to Riggs was one of the many monitoring visits to a select number of manufacturing companies that are receiving project financing from the Trade Policy Bank.

Receiving the NEXIM team to the RIGGS plant, Mr. Tokosi expressed great satisfaction with the level of financial and technical assistance being provided by the Bank and stated that the Bank’s intervention will go a long way in supporting the vision 20:2020 of the Federal Government especially in terms of jobs creation, increased export trade activities to the West African sub-region and foreign exchange earnings.

Responding, Mr. Orya emphasised that initiatives like RIGGS are very strategic to the achieving the Bank’s mandate to deepen the manufacturing sector and create more jobs for the Nigerian youths and thereby contribute to boosting non-oil exports. He restated the Bank’s commitment to handholding bourgeoning manufacturing concerns such as RIGGS Ventures to become supranational entities in the ECOWAS and Central African sub-regions by ensuring that their products are made easily exportable to these markets.

Mr. Orya, who recently marked his 3-years in office as NEXIM CEO, rehashed the role of the Bank as a trade facilitator and promised to remain committed to identifying barriers to Nigerian export trade and coming up with innovative mechanisms and instruments to enhance competitive exports by facilitating the reduction and / or elimination of the identified barriers. He also informed RIGGS that they could take advantage of the ECOWAS Trade Support Facility which seeks to provide financing support for Nigerian export businesses, especially SMEs and manufactured goods exporters to enhance the level of ECOWAS trade.

Besides the Bank’s initiative to facilitate the Sealink project which is targeted at growing Nigerian intra-regional and international trade, Mr. Orya indicated that it is part of his medium term plan to provide risk-mitigating instruments to foreign buyers of Nigerian products.

Riggs Ventures West Africa Plc is primarily engaged in the production of high quality poly-propylene sacks for packaging, cement, agricultural produce and other finished goods which are equally useful for domestic purposes. Within its short time of commencement of production, the Company’s products have become acceptable to reputable industrial giants operating in the cement, food packaging and raw materials sectors of the Nigerian economy.

 

With project financing from NEXIM Bank, RIGGS Ventures Plc recently expanded its operations with production capacity increasing from 9 million to 69 Million polypropylene sacks per annum, consisting of cement, industrial and agro sacks. This expansion has created over 300 direct jobs and creation of thousands of indirect jobs. The Company has its major customers in Nigeria, Republic of Benin, Cameroun and Niger Republic and other ECOWAS countries.

 

About NEXIM Bank – The Nigerian Export-Import Bank was established by Act 38 of 1991 as an Export Credit Agency with the broad mandate to promoting the diversification of the Nigerian economy and deepening the external sector, particularly the non-oil through the provision of credit facilities in both local and foreign currencies; risk-bearing facilities through export credit guarantee & export credit insurance; business development and financial advisory services etc.

In pursuit of its mandate of promoting export diversification and deepening the non-oil sector, the Bank’s current strategic initiatives are targeted towards boosting employment creation and foreign exchange earnings in the Manufacturing, Agro-processing, Solid Minerals and Services (Tourism, Transportation and Entertainment) industries.