The Managing Director, Nigeria Export-Import (NEXIM) Bank, Mr Abba Bello, has charged the National Assembly (NASS) to expedite action on the passage of the Nigerian Factory Bill in order to improve Nigeria’s share of intra-African trade.
Factoring is a financing method in which a business owner sells accounts receivable at a discount to a third-party funding source to raise capital. Abba said these during a meeting with the Senate Committee on Banking, Insurance, and other Financial Institutions on the proposed factoring bill. The meeting was presided over by the committee Chairman, Senator Uba Sani, and was attended by representatives from the African Export Import Bank, the Central Bank of Nigeria, and other stakeholders in the financial sector.
