Bauchi State Govt Signs MoU With NEXIM Bank on Economic Diversification

The Bauchi State Government says it will partner with the NEXIM Bank to fast track economic diversification of the state in areas of processing, export of solid minerals and agricultural produce.
Governor Bala Mohammed made this known during the signing of a Memorandum of Understanding (MoU), between the state government and management of the bank on Friday, in Bauchi.
He said the government was committed to opening new economic frontiers for socio-economic development of the state.
According to him, the state has a lot of mineral resources such as granite, gypsum and many others.
He said the time of relying on oil revenue was over, hence the need to diversify the economy for prosperity and development.
“We are pleased and have accepted the conditions outlined in the memorandum”.
Mohammed said the institutional frameworks to be applied in actualising the dream were to involve specialists, other relevant ministries and departments in the project.
He warned that the money to be realised from the MoU was not a political largesse.
“We must ensure judicious utilisation of the resources for effective implementation of the programme”.
Earlier, Malam Abba Garba, the Managing Director and Chief Executive of the NEXIM Bank said the bank’s mandate was promotion and financing of non-oil exports.
He said the MoU was expected to have an inclusive participation of all shades of people like farmers in agriculture and the solid mineral sector.
“We give support to governments to actualise their vision”.
Garba said the bank provides the minimum facility of N1billion on any exportable commodity for those who patronised its services.
“We will make Bauchi to appear on the export value chain. We are fully committed to the development of value chain on mineral resources through our presence in Northeast”.