The Nigerian Export and Import Bank (NEXIM) has launched a N10 billion Women and Youth Export Facility (WAYEF) to boost the non-oil exports.

The facility would be disbursed to small and medium entrepreneurs at a five per cent interest rate in the first year of the programme and a nine per cent interest rate in the subsequent years.

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WAYEF aims to, among others, increase funding to indigenous women and youths towards broadening the export basket and facilitating regional industrialisation for value-addition

The Executive Director Business Development Nexim Bank, Stella Okotete, during the official launch of WAYEF in Abuja noted that the aim is to support women and youths towards upscaling and expanding export capacities.

On how to access the fund, Okotete said applicants are expected to pay a non-refundable N20, 000 application fee.

She highlighted some of the requirements to include an application letter, relevant incorporation letter, valid export contract or Local Purchase Orders (LPOs), audited account statement, cash flow projections and evidence of previous export performance.

Some of the acceptable collateral includes legal and equitable mortgage, irrevocable bank guarantee, insurance bond, personal guarantee or movable assets like jewelry.

The eligibility criteria include duly-registered export-oriented-SMEs in Nigeria with women and youths as promoters, a structured organisation with the mandate to empower women and youths along the export value chain or a registered export-oriented cooperative society.