NEXIM Bank Revives Moribund Breweries With N3billion

• NEXIM Bank Revives Moribund Breweries With N3bn

The Nigeria Export-Import Bank on Wednesday said it had provided a $10m (N3.06bn) credit facility for the resuscitation and rehabilitation of Golden Guinea Breweries Plc located in Umuahia, Abia State.
The Acting Managing Director, NEXIM Bank, Mr. Bashir Wali, confirmed the amount during a tour of the company by the management team of the bank and members of House of Representatives Committee on Banking and Currency.
He said the loan facility was part of efforts aimed at financing the non-oil sector, adding that the bank was committed to supporting local entrepreneurs willing to produce quality products for global markets.
The NEXIM bank boss said the $10m facility had a tenor of six years with a moratorium of 18 months and at an interest rate of 14 per cent.
He stated that already, the refurbishment and modernisation of the existing 600,000-hectolitre plant to one million hectolitres was about 98 per cent completed, adding the other components of the plant were being upgraded accordingly.
Wali said the bank decided to provide the loan to the company because of the huge potential of the brewery, which he noted had the capacity to generate about 1,200 direct jobs.