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December 10, 2017

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CBN, NEXIM vote N550b to stimulate export

The Central Bank of Nigeria (CBN) and Nigeria Export-Import Bank (NEXIM Bank) are making N550 billion available for lending to non-oil exporters.
The loan will come at nine per cent interest rate and is expected to help the investors export more commodities, earn more foreign exchange from export proceeds and strengthen the economy.
Central Bank Governor Godwin Emefiele said N500 billion of the fund is from the Export Stimulation Facility while the balance of N50 billion is provided by the Nigeria Export-Import Bank (NEXIM Bank) Direct Intervention Fund.
He spoke after a meeting with non-oil exporters, producers and processors in Lagos, Friday night.
The framework for the disbursement of the fund, he said, would be released in the next one week by NEXIM Bank and the CBN Development Finance Department.
Emefiele said that exporters will send in their request and when they get the fund, their operations will be monitored to ensure there is no undocumented export.

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December 10, 2017

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