Export Development Fund (EDF)
Development Finance | Agriculture | Manufacturing | MSMEs | Health | Energy/Infrastructure | Financial Inclusion | National Collateral Registry | Export
The Export Development Fund (EDF) was introduced in February, 2018 by the Central Bank of Nigeria with the sole aim of facilitating the Bank's quest to drive non-oil Exports. Financing under the scheme is via the issuance of a N150 billion debenture to the Nigerian Export- Import Bank (NEXIM) with the objective of stimulating and increasing funding especially to Small and Medium Enterprises (SME’s) to broaden Nigeria’s export portfolios.
OBJECTIVES
- Improve access of exporters to concessionary finance to expand and diversify the non-oil export baskets.
- Attract new investments and encourage re-investments in value added non-oil exports production and promote non-traditional exports.
- Revamping/resuscitating export-oriented industries to create / sustain more jobs within the non-oil exports sector in Nigeria.
- Support the Bank’s beneficiary clients to upscale operational capacities and upgrade production systems to enhance competitiveness as well as expand their export operations and capabilitie.
- Diversify and increase the level of contribution of non-oil export revenue and value-added exports for sustainable economic development.
- Broaden the scope of export financing instruments and to complement other non-oil export financing schemes.
MANAGEMENT:NEXIM
HOW TO APPLY: Obligors apply through NEXIM Bank.
FAQs WITH ANSWERs:
S/N | QUESTION | ANSWER |
---|---|---|
1 | What is the maximum amount that can be accessed under the intervention? | 60% of the total project cost, subject to a maximum of the Bank’s single obligor limit. |
2 | What is the tenor of the facility? | Term Loan: 9 years Working Capital: One year with the option of roll-over not exceeding twice on transactions. |
3 | What is the interest rate on the facility? | 9% |
4 | Who are eligible to access the Facility? | Any non-oil export-oriented enterprise that fulfills all the listed conditions of section 3.1.1 to 3.1.5 of the EDF guidelines |
5 | Who are the Eligible Participating Financial Institutions (PFIs) | NEXIM Bank. |
6 | What are the procedures for Application? | 1. Submission of request to NEXIM Bank. 2.Documentation requirement shall be accompanied as required on the EDF guidelines section 7.1 |