Jaiz Bank supports non-oil exports with over N100b

Jaiz Bank has provided support worth more than N100 billion for trade involving cocoa, cashew and other non-oil export-related products.

Its Managing Director Dr Haruna Musa, said the support was out of the bank’s financing portfolio worth almost N800 billion,

He said expanding access to financing for export businesses, micro, small and medium-sized enterprises (MSMEs) and other productive sectors should be a priority for non-interest banks to boost economic growth and create jobs.

Musa spoke at a breakfast session of the Nigeria Economic Summit (NES32) in Abuja.

Speaking on the role of non-interest banking in supporting businesses and improving financial inclusion, Musa said: “In the non-interest banking model, we have various contracts, and these contracts must align with the business model and cash flows.’’

According to him, entrepreneurs seeking financing for export activities and other commercial ventures need to understand the options available to them, while banks must identify the arrangements best suited to their businesses.

Musa said exports should receive greater attention because of their potential to generate employment and support economic development.

He also called for increased financing for MSMEs and manufacturing, noting that local industries needed support to expand production and strengthen the economy.

The Jaiz Bank managing director said solar energy was another important area for non-interest financing, particularly in providing electricity to essential facilities such as hospitals.

He called for financing that would support businesses across the solar energy value chain, rather than concentrating only on the installation of solar systems.

Agriculture, he added, should also be a priority, with financing extended across the value chain, including farm inputs, processing facilities and distribution.

Musa further called for greater access to non-interest financial services for women, young people and rural communities, where many major banks have limited physical presence.