Cloudy Weather Report Ramallah, Palestine +4°C, Cloudy




Latest News

View more

Biafra supporters hold solidarity march for Trump in Port Harcourt (photos)

Pro-Biafra supporters have taken to the street in the Port Harcourt area of Rivers to march in solidarity to Donald Trump as he gets set

Police, army shoot unarmed Biafrans celebrating Trump's inauguration in Rivers

Reports reaching Naij.com indicates that the Nigerian police and army are shooting unarmed Biafrans celebrating the inauguration of US president-elect Donald Trump in Port-Harcourt, Rivers

GENIUS! Nigerian student builds Iron Man as final year project (photos)

A Keke Napep is a tricycle used for commercial transport in most Nigerian cities. Again, another young Nigerian is making great strides, a student of IMT,

Why We Won’t Release Shiite Leader El-Zakzaky –Presidency

The Presidency yesterday said that government will not release the leader of the Islamic Movement of Nigerian (IMN), Ibrahim El-Zakzaky, for now. A top presidency source

Four suspected land-grabbers arrested for alleged murder in Ogun

ABEOKUTA—Ogun State Police Command has arrested four land-grabbers, who were allegedly involved in the murder of one Sidikatu Onasanya, 52, at Imoro. The state’s Police Public

Police issues stern warning to IPOB ahead of Trump's solidarity rally

- The police has warned the Indigenous People of Biafra (IPOB) not to disrupt the peace in Port Harcourt, Rivers state - The police said the

Worth Reading

Young Man Lands In Court For Allegedly Defiling His 7-Year-Old Neighbour...

A suspect, Opeyemi Yekini, was on Friday arraigned in Surulere Chief Magistrates’ Court, Lagos, for allegedly defiling a seven-year-old girl. Yinka was arrested after the

Man With The World's Biggest Manh0od Reveals He's Happy To Be Famous. Photos

The man with the world’s biggest p*nis has turned down the chance of having a reduction - as he prefers fame to s*x. Roberto Esquivel

You Need To Eat This If You Have Brittle Nails Or You’re Not Sleeping Well!!

The adrenal glands are of high importance for the entire body, and are endocrine glands located on the top parts of the kidneys. The issues

Medical Video: Here Is What Eating Pork Does Inside Your Body!!

The consumption of pork is forbidden in many countries and one of the great reasons is because it’s considered as “unclean”. Do you need any

Columnists

View more

Africa

View more
Home | News |

Exporters express worry over delay in disbursement of N500bn fund

The Cocoa Exporters Association of Nigeria on Wednesday, called on the Central Bank of Nigeria (CBN) and 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, Mr 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, Mr 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.

Tags

No tags for this article
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Nigeriadailynews.com. Nigeriadailynews.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
What's next

Related Articles

In Lagos: 80-Yr-Old woman, 2 others docked for public fighting

An 80-year-old woman, Mrs Wuriwatu Oseni, Hassan Olalekan, 34 and Taiwo Wasiu, 30, have been brought before an Ikorodu Magistrates’ court for allegedly assaulting themselves. The accused

Donald Trump: 'From this moment on, it’s going to be America First': Here's President full inauguration speech

President Donald J. Trump was sworn in as the 45th president of the United States on Friday. Trump's address was long on the fiery campaign rhetoric

Trump: Chuck Schumer takes subtle shots at President just feet away from him during inauguration speech

Senate Minority Leader Chuck Schumer delivered a fiery speech during the inauguration on Friday that appeared to take subtle digs at President Donald Trump. With the

Most Watched Videos

View all posts

NDLEA intercepts 2.5 tonnes of rohypnol worth N20 million in Sokoto

- The National Drug Law Enforcement agency (NDLEA) said it seized 2.5 tonnes of rohypnol in Sokoto - The seized illegal drugs are valued at over

The wedding of Dora Akunyili's daughter, Somto (WATCH)

Somto, who is one of daughters of former NAFDAC boss, late Dora Akunyili, got married to her husband, Chinonso Asuzu, over the weekend. The wedding

How Adeboye can return as RCCG General Overseer

Pastor Enoch Adeboye can return as the General Overseer of the Redeemed Christian Church of God (RCCG) if the church’s Governing Council says so. Pastor Adeboye Recall

Agatu community lost 3,920 to herdsmen attacks in four year- Inalegwu

- 3, 920 persons have lost their lives in the bloody crises between Agatu farmers and Fulani herdsmen in Agatu local government area of Benue

Nigerian man appointed as first black bishop in Church of England

A Nigerian man, Woyin Karowei Dorgu has been appointed by the Church of England as a bishop. This makes Dorgu the first black bishop to

Herdsmen strike again! Attack Delta community and abduct the king

The scourge of the herdsmen is back again as suspected herdsmen attacked Agbarha kingdom in Delta state on Wednesday, December 22. Herdsmen attack Delta community The herdsmen

Most Read News

View all posts

A misguided tour and plight of B'Haram victims

Editor's note: The Bring Back Our Girls (BBOG) advocacy group co-convener, Mrs Oby Ezekwesili, recently paid a visit to Sambisa forest.The Ministers of Information and

Defection: I am going nowhere, says Ekweremadu

*** Says he is more concerned about fixing the country’s biting economic and security than saving his jobBy Henry UmoruABUJA- DEPUTY President of the Senate,

Louis van Gaal: Ex-Manchester United boss says 'I'm not retiring yet'

Louis van Gaal says he is not definitely done with football just yet, after appearing to suggest earlier this week that he was retiring from

Manuel Valls: French presidential hopeful attacked over migrants

Former French premier Manuel Valls came under fire Sunday for his cautious stance on taking in refugees during the migrant crisis, in a fraught second

Assange says would go to US only if rights guaranteed – WikiLeaks

WikiLeaks said Wednesday its founder Julian Assange could travel to the US to face investigation after one of the whistleblowing site’s main sources was given

CAF apologises for Cup of Nations anthems gaffe

“A technical incident due to a sound system failure disrupted the kick-off,” read a statement released by the Confederation of African Football. CAF apologised “to the

Most Watched Movies

Wind Of Sin

Starring; Jackie Appiah    

Queen Of The World 2

Tony sold his wife’s soul to the devil to become rich and when the need for them to have children came, it was discovered that

Poisonous Love

Starring; Vincent Opurum, Biola Ige, Cece Egbosionu

Widows War 2

Cha Cha Eke as known spent her money to marry a musician she thought has a great future only to realise on his death and

Death In The Pot

JESUS IS ALIVE!!! Revelation 3:20 Behold, I stand at the door, and knock: if any man hear my voice, and open the door, I will come