The N1
billion credit facility from the Nigeria Export Import (NEXIM) Bank and
others from six Nigerian banks as well as the $80 million raised from
international market helped to finance the expansion project of Beloxxi
Industry Limited commissioned.
According to its Managing Director, Obi
Ezeude, this has helped the company to raise its production capacity
from 9,000 metric tonnes in 2010 to 40,000 metric tonnes as of today.
Recounting the support of Nigerian
financial institutions, Ezeude said NEXIM was one of the few Development
Finance Institutions (DFIs) that understands that the real sector needs
a creative financing mechanism to be able to deliver value.
He stated: “Beloxxi was founded in 1994
as a trading company. By 2003, the ban on biscuits came and we went into
manufacturing. We started producing in 2005. By 2006, it became clear
to us that our model, which everybody felt would fail, was working. So
we acquired green field filled with cassava plantation and things like
that. And we started the construction. By 2009, we had finished the
construction and we brought in one of the modern biscuit lines in this
country today called crackers. And by 2010, it was commissioned by the
then President Goodluck Jonathan with one line.
At that time, we had
only about 500 staff, producing 9,000 metric tonnes of biscuits per
annum but today, we have gone from just little over 200 staff in 2005
to 3,700 staff. We have the capacity today of about 40,000 metric tonnes
a year of cream crackers and we produce about 28 million cartons.
“We couldn’t have done that without a
very skilful cooperation between the banks and Beloxxi. The bank that
actually helped us here is NEXIM. NEXIM and BoI played very big role
without prejudice to any other banks whose name I will mention later
that have helped in the process. NEXIM is one of few Development Finance
Institutions (DFIs) that understands that the real sector needs a
creative financing mechanism to be able to deliver the value. NEXIM and
BoI supported us fully.
“In that line also was the Central Bank
of Nigeria (CBN). Using the agric facilities that we have, it was able
to give us N2 billion to buy more lines. In that line also was Skye
Bank. They did help us with all the guarantees and protections we
needed. Of course, Fidelity Bank! They kept their promise; they financed
one of the huge lines. These are the banks that helped to bring what
you see today into fruition.”