THE Central Bank of Nigeria, CBN, and the Nigerian Export-Import Bank, NEXIM,yesterday,told manufacturers, exporters and commodity producers that they require more than collateral to access new export facilities approved for non-oil sector operators.
Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele Recall that the Federal Government recently approved N500 billion Export Stimulation Facility and the N50 billion Rediscounting and Refinancing Facility for stakeholders in the non-oil sectors over the next ten years.
Addressing the stakeholders in Lagos, both CBN and NEXIM said beyond collaterals and other conditions to access the loans, “you must be business-ready because we don’t want the money to go down the drain.” Mrs. Fateh Udo Marvis, Assistant Director, Development Finance Department, DFD, of CBN, told stakeholders that the new export funding scheme was government’s response to address the decline in revenue from non-oil products; this is to increase the flow of loans to operators in the sector in order to stimulate growth and attract more investments that would contribute to the diversification of the economy and increase contribution of exports to GDP, foreign exchange and jobs creation.
Hope Yongo, Technical Adviser to MD, NEXIM, explained reasons for the existing and prospective exporters to be “business ready by adherence to products quality standards, packaging, logistics, operational efficiency and value addition.” In his presentation on ‘Non-oil Export Sector and New Funding Scheme, he said: ” We will only deal with people who are business-ready because the export sector is the most neglected worldwide by Deposit Money Banks, DMBs and governments in terms of funding. “In Nigeria, total loans from the DMBs dropped from N850 billion in 2008 to N200 billion in 2015.
Ocean of exports “Export is a specialist area and if you are not business ready, you will lose the money you have invested and you really have to be an exporter or you get thrown out by the big fish and sharks in the ocean of exports,” he said. Responding, Chairman, Manufacturers Association of Nigeria, Export Promotion Group, Tunde Oyelola, who bared the minds of exporters, applauded the CBN and NEXIM for the new export funding scheme and the stimulation conference. He enjoined both the CBN and NEXIM to allow exporters to use their Negotiable Duty Credit Certificates (NDCCs) as collateral to access the loan at nine per cent lending rate.
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