The Cocoa Exporters Association of Nigeria on Wednesday called on the Central Bank of Nigeria (CBN) and the Nigeria Export-Import (NEXIM) Bank to urgently do something about the disbursement of the N500 billion Federal Government loan for non- oil export.
The National Secretary of the association, Kayode Babade, made the call in an interview with the newsmen in Akure.
According to him, the disbursement is imperative considering the recent crash of crude oil price and the dwindling foreign exchange flow in the country.
“It is on the desire to promote non-oil export that the CBN announced on Feb. 2, 2016 that, it had released N500 billion export stimulation fund to Nexim for onward lending to qualified exporters.
”This is through commercial banks at single digit interest rate,” he said.
Babade, however, said that barely a year after the release of the fund the exporters were yet to see the fund readily available for disbursement.
“We are at present trading at a commercial interest rate of between 24 and 27 per cent and it is retarding the growth of the export business.
“Borrowing at 27 per cent for export trade is retarding the growth of export business in Nigeria and that we are competing with foreigners who are borrowing at below 5 per cent in their country.”
Also speaking, the National President of the association, Pius Ayodele, called on the authorities to start disbursing the fund in the best interest of the nation’s economy.
According to him, the exporters have over the years contributed greatly to the nation’s economy by generating foreign exchange proceeds into the country.
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