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Bauchi government signs MoU with NEXIM Bank on economic diversification

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Gov. 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 the 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,” he said.

Mohammed said that the institutional frameworks to be applied in actualizing the dream were to involve specialists, other relevant ministries, and departments in the project.

He warned that the money to be realized from the MoU was not a political largesse.

“We must ensure judicious utilization of the resources for effective implementation of the program,” the governor said.

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 inclusive participation of all shades of people like farmers in agriculture and the solid mineral sector.

“We give support to governments to actualize their vision,” he said.

Garba said the bank provides the minimum facility of N1billion on any exportable commodity for those who patronized its services.

“We will make Bauchi appear on the export value chain.

“We are fully committed to the development of value chain on mineral resources through our presence in Northeast,” he said.



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