In a strategic transfer to diversify its economic system and cut back dependency on crude oil, the Bayelsa State Government is coming into right into a groundbreaking partnership with the Nigerian Export-Import (NEXIM) Bank to ship transformative improvement initiatives throughout the state.
Discussions relating to the collaboration had been held in Abuja final week, with high officers from each events in attendance.
Representing NEXIM Bank had been its Managing Director, Mr. Abba Bello, the Head of Specialised Business Department, Mohammad Awami, and senior officer Hope Yongo.
They met with Kelvin Otele, the Technical Adviser on General Duties to Bayelsa State Governor Douye Diri.
Speaking to journalists in Yenagoa on Thursday, Otele confirmed that the assembly served as a precursor to the signing of a proper Memorandum of Understanding (MoU) to drive ahead the “Bayelsa Beyond Oil” initiative.
“The goal is to revive dormant industrial projects and attract both local and international investments into Bayelsa’s non-oil sectors,” Otele said.
The partnership is about to unlock financing and strategic assist for blue economic system ventures, particularly throughout the state’s coastal and riverine areas, together with the Brass Island hall.
A Special Purpose Vehicle (SPV) will probably be created to supervise the structuring of investments and guarantee challenge implementation meets international requirements.
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Key options of the collaboration embody:
Creation of a Bayelsa Export Development Fund to assist small and medium-sized enterprises (SMEs) and cooperatives.
Targeted funding in sustainable marine-based industries and aquaculture.
Promotion of agro-processing zones and export worth chains.
Bayelsa’s push comes amid broader nationwide conversations round {economic} resilience, sustainability, and the pressing want for oil-producing states to faucet into underutilized belongings like agriculture, tourism, and maritime economies.
With the formal signing of the MoU anticipated quickly, stakeholders anticipate that the NEXIM partnership will mark a turning level in Bayelsa’s long-term improvement technique.
