Story by David Agba, Abuja
In line with the presidential initiative on cassava, the Nigerian Export-Import Bank (NEXIM) has established Ekha Agro’s N1.5 billion glucose syrup plant at Ibafon, in Ogun State, to facilitate the utilisation of local raw materials to produce high quality glucose syrup for both domestic and export markets.
President Olusegun Obasanjo, speaking through the secretary to the government of the federation, Chief Ufot Ekaette, at the commissioning of the Nigerian Export-Import Bank ultra modern head office building in Abuja yesterday, said that the bank, in the area of cocoa export development, has created significant domestic processing capacity over the years to add value to the nation’s cocoa exports.
“I had the opportunity recently, to commission the Multitrex Nigeria Limited facility which is one of many that have received funding support from NEXIM Bank.
Only last month, the bank signed an agreement extending a credit facility of N150 million to a pharmaceutical company, Xechem Pharmaceuticals Nigeria Limited, to produce a newly invented drug for the treatment of sickle cell disease. It will be manufactured in Nigeria utilizing 100 per cent raw materials, a major landmark in our technological development as a nation,” he stated.
According to the president, the drug, Nicosan, researched and patented by the National Institute for Pharmaceutical Research and Development (NIPRD) would generate a yearly minimum of $5 million in foreign exchange in the first two years of operations from royalty payments and exports.
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