NEXIM Bank, Indonesia Eximbank sign pact to promote bilateral trade

25 Jul 2017
Financial Nigeria


NEXIM Bank said the MOU with Indonesia Eximbank is strictly limited to the expressed desires of the parties to enhance cooperation.

From left: NEXIM Bank's CEO, Abba Bello and Indonesia Eximbank's CEO, Dwi Wahyudi shaking hands as they hold copies of MoU

The Nigerian Export-Import Bank and the Indonesian Eximbank have signed a memorandum of understanding to enhance bilateral cooperation and trade between Africa’s largest economy and its counterpart in Southeast Asia.

The agreement – which was signed in Abuja yesterday – aims to foster trade, technical assistance, experience and information sharing, and investment relations in order to promote financing, guarantees, insurance and counter trade instruments to increase transactions between Indonesia and Nigeria.

Speaking during the signing ceremony, Abba Bello, NEXIM Bank’s CEO, said the mere fact that both organizations were able to quickly agree terms on the articles of the MoU considering the brevity of time spent in the negotiations, shows strong commitment on both sides to work towards a more mutually beneficial relationship.

Abba also said given that both banks are members of the Global Network of Eximbanks and Development Finance Institutions, he expects that the intentions expressed in the MoU would be much easier to pursue. (NEXIM Bank has been the honourary president of the G-NEXID since May 2015).

“With the signing of the MoU with Indonesia Eximbank, we hope to strengthen our existing bilateral relationship through increased technical assistance, promotion of non-oil export trade and other economic activities between Nigeria and Indonesia towards supporting our Government’s efforts to diversify the economy,” Bello said.

In his remarks, Dwi Wahyudi, the Managing Director of Indonesia Eximbank, said he was pleased that the both institutions have established a viable intention to forge strong collaborative relationship as signalled by the MoU.

Wahyudi said he is hopeful that the MoU would spur meaningful bilateral cooperation between the two countries given the readiness of the Indonesian government to enhance mutually beneficial economic relations with Nigeria as indicated during the official visit of the Asian country’s foreign affairs minister, Retno Marsudi, in June this year.

NEXIM Bank said the MOU with Indonesia Eximbank is strictly limited to the expressed desires of the parties to enhance cooperation. The agreement, however, does not impose any legally binding rights or obligations on both parties.

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