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




Latest News

View more

Benue First Lady begs Tor Tiv to reduce bride price

The inability of young men to get married due to the high bride price has been a source of worry to the First Lady of

Five days after Boko Haram bombed Borno, Osinbajo declares group defeated

Just days after Boko Haram bombers attacked Borno state and killed several people, acting president Yemi Osinbajo has declared the insurgent group defeated. Acting president Osinbajo

Bonuses, growth of mavros stopped as MMM announces new strategy

As millions of Nigeria continue to hope they get their money back from MMM Nigeria, the Ponzi scheme has decided to implement a new strategy. The

Activities paralysed in Ogun as angry rice sellers, youths protest invasion by customs officers

A protest by angry youths and rice sellers in Ogun is reportedly turning violent at the Sango-Ota area of the state with the participants blocking

Southern Kaduna boy hopes to use his locally produced toy gun to scare herdsmen away (photo, video)

The crisis between farmers and herdsmen in Nigeria have spanned through various states in the country. These states include Benue, Enugu, Nasarawa, Abia among many other

Southern Kaduna Killings: Death toll rises to 26

KADUNA—The death toll from the invasion of three villages in Kaura and one in Jema’a Local Government areas in the southern part of Kaduna State

Worth Reading

Marriage Infidelity: See How Man Who Used Juju On His Wife Became A Victim

A jealous man who laced his wife with the very powerful 'Magun' (a charm meant to curb infidelity in married women), got more than he

Woman Steals Two-month-old Baby in Lagos…Find Out What Happened Next

An Ebute Meta Chief Magistrates’ Court sitting in the commercial city of Lagos, on Tuesday, arraigned a 35-year-old woman for allegedly stealing a two-month-old baby. A

Actress Matilda Obaseki slams married BB Naija contestant, Thin Tall Tony

According to Matilda, it is a shame for Thin Tall Tony to deny his wife and children because N25 million which is the prize money

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

Apple's $5 billion campus will officially open in April — and you'll be able to visit (AAPL)

Apple has announced that its new $5 billion (£4 billion) campus will be open to employees starting in April. The Silicon Valley tech giant said it

Martin Scorsese and Robert De Niro's long-awaited new gangster movie is headed to Netflix

It looks like you won't have to run to the theater to see the long-awaited reunion of Martin Scorsese and Robert De Niro. Their next collaboration,

Yahaya Bello: Kogi now haven for Boko Haram, says Governor

Gov. Yahaya Bello of Kogi on Tuesday said that following the technical defeat of the Boko Haram insurgency in the North-East, its fleeing members had

Most Watched Videos

View all posts

Breaking: Fayose stops DSS from arresting Apostle Johnson Suleman in Ekiti (photo, video)

Ayodele Fayose, the Ekiti state governor and the chairman of the Peoples Democratic Party (PDP) Governors’s Forum, in the early hours of Wednesday, January 25,

Don't keep quiet in the face of evil - Lawyer advises Osinbajo

- A lawyer and grassroots mobiliser, Kingsley Omose has given some advice to Acting President Yemi Osinbajo A lawyer and grassroots mobiliser, Kingsley has given some

Sanders supporter leaves her husband after he votes for Trump

Sanders supporter Gayle McCormick left her husband Bill after 22 years of marriage after he voted for Trump.

Most Read News

View all posts

Jimmy Fallon: Here's what a Trump news network would look like

President Donald Trump has declared some of America's most respected news outlets to be "fake news." So on Tuesday's episode of NBC's "Tonight Show," Jimmy

1.4 million children may die from famine in Nigeria, three others – UNICEF

Almost 1.4 million children suffering from severe malnutrition could die this year from famine in Nigeria, Somalia, South Sudan and Yemen, the UN children’s agency

Drone Taxi will start carrying people in July

A drone that can carry people will begin “regular operations” in Dubai from July. [embedded content] Matter al-Tayer, head of the city’s Roads and Transportation Agency

Nigeria spends N1.1trn on debt servicing in 9 months

ABUJA—A whopping sum of N1.094.22 trillion was expended by the Federal Government on debt servicing between January and September 2016. While N1.044 trillion was used to

Police Barricade Venue Of Makarfi-Led PDP Meeting

Police on Monday barricaded the premises of the International Conference Centre in Abuja, where the Ahmed Makarfi-led faction of the Peoples Democratic Party (PDP) had

Not all judges are corrupt -Justice Abdullahi

The former President, Court of Appeal, Justice Umaru Abdullahi, on Saturday said that not all Nigerian Judges were corrupt. Abdullahi made the remark during a public

Most Watched Movies

Sex Slave Boy In America

Nigerian Romance Movies 2016 latest Full Movies about a guy who left for the USA with high hopes of finding greener pastures. Unfortunately it wasn't

The Bitter Side Of Life

Mr Dan Okafor died in an accident on his way to the village. And because he did not leave a will behind, his brother and

Jealous War 2

Starring: Mike Ezuruonye, Ini Edo, Ngozi Ezeonu

Doro Queens 3

Starring : Angela Okorie, Cha Cha Ikeh