The Central Bank of Nigeria, CBN, has unveiled the implementation modalities of the five hundred billion naira Non-oil Export Stimulation Facility, and the fifty billion naira Export Rediscounting and Refinancing Facility.
The Director, Development Finance Department of CBN, Dr. Mudashiru Olaitan who made this known at a forum in Lagos said the Facility would have a tenor of one year at six percent interest rate per annum.
Dr. Olaitan, who was represented by the Assistant Director Development Finance Department, CBN, Mrs. Fateh Udoo, further explained that the implementation of the facilities would improve export financing and also provide opportunities for exporters to expand their businesses.
The Acting Managing Director of Nigerian Export-Import Bank, NEXIM, Mr. Bashir Wali, said he was optimistic that with the release of the guidelines and commencement of the scheme, Nigerian exporters and export oriented businesses will seize the opportunity to boost the current low contribution of non-oil exports, which has remained at about five percent over the years.
He explained that besides the issues of availability and access to funds, NEXIM had also intensified collaboration with relevant institutions and stakeholder’s towards addressing other challenges affecting the export sector such as the problems of infrastructure, issues of packaging and labelling as well as access to markets.
NEXIM is to serve as administrator of the fund with the participation of commercial banks.