The Central Bank of Nigeria (CBN), through the Bankers Committee has set out N200 billion-intervention facility to support five export commodities in the country
The export commodities which include oil palm, cocoa, sesame seeds, shea seeds and cashew is expected to provide concessionary finance to the non-oil exporters, aid non-oil export productivity and create more jobs.
Apart from that, the committee also revealed plans to give financial support to four creative industries for their inherent potential of transforming Nigeria’s economy.
Addressing financial journalists after the Banker Committee Meeting yesterday in Lagos, the Group Managing Director of United Bank for Africa, Kennedy Uzoka said the CBN would lend to exporter at a single digit interest rate with maximum of 10 years on each of the commodities.
He said the fund which is on the long term would expand the diversification of Nigerian economy in the non-oil export sector, boost contribution of non-oil exports for sustainable economic development; increase foreign exchange (forex) earnings
Speaking further he said, “We have been talking about Nigeria being a mono economy and the committee believed that we have not make impact on the direction of export and We set up a subcommittee and the subcommittee of members are those who have operated in geographies in our continents where export have done very well. We have seen some countries that have similar products with us and have excelled in exporting while we have dropped. So we are able to identify those things that are challenging us as a nation to diversify our economy from the standpoint of export.”
