The Kwara State Government, located in North Central Nigeria, has finalized a partnership agreement with the Nigerian Export Import Bank, NEXIM, aimed at driving export-related industrialization and investment promotions leveraging local resources within the state.
In a significant development at the sidelines of the Intra-African Trade Fair (IATF) in Cairo, Egypt, Governor AbdulRahman AbdulRazaq signed the deal on behalf of the state government, while NEXIM was represented by its Managing Director, Abba Bello.
The partnership seeks to position Kwara and private exporters of non-oil commodities within the state to access State Export Development Funds and other support mechanisms upon meeting stipulated conditions.
Furthermore, the memorandum of understanding (MOU) entails NEXIM providing financial and export advisory services, encompassing financing arrangements, investment structures, and facilitating export market off-take, particularly targeting SMEs and businesses empowering women and youth.
Governor AbdulRazaq highlighted the state government’s commitment to diversifying the local economy, citing initiatives such as the reduction of telecom right-of-way fees from N5,500.00 to N1.00. He emphasized the positive impact of this policy, leading to the installation of 500 kilometres of fiber optic cable, significantly enhancing internet penetration and connectivity within the state.
Additionally, the Governor disclosed that the state has secured financial commitments and strategic partnerships for its innovation hub from IHS, demonstrating a concerted effort to drive innovation and technological advancement.
The state delegation, comprising key officials including the Kwara State House of Assembly Speaker, Engr Yakubu Danladi-Salihu; Commissioner for Communications, Bola Olukoju; Commissioner for Business Innovation and Technology, Damilola Yusuf-Adelodun; and Commissioner for Solid Minerals, Abdulquawiy Olododo, witnessed the historic deal signing.
The Kwara delegation also engaged in discussions with AfriEximBank, with Governor AbdulRazaq presenting the industrial park and other state-funded projects. He expressed the state’s openness to public-private partnership arrangements, underscoring the desire to ensure the viability and sustainability of these projects for the benefit of the people.
Kwara State is among the select Nigerian states represented at the IATF 2023, a vital platform that serves as a marketplace for the Africa Continental Free Trade Area (AfCFTA), aimed at fostering a single market for the continent by bringing together African nations of the African Union and eight regional economic communities.
This partnership marks a significant stride towards economic empowerment and growth for Kwara State, further solidifying its position as a key player in Nigeria’s export and industrialization landscape.
Olusola Akintonde
