Chief Ede Dafinone, CEO, Sapele Integrated Industries Ltd |
The CBN had,
in a communiqué on January 19, announced N300 billion export stimulation fund,
which would be available for non-oil exporters at not more than nine per cent
interest rate.
The
announcement was contained in a communiqué issued at the end of a non-oil
export conference held by the CBN and the Nigerian Export-Import Bank. While
acknowledging the efforts of the federal government in reviving activities in
the sector, the exporters noted that government already has a policy instrument
directed at growing the nation’s non -oil revenues.
“We
are happy that the government recognises the importance of the non-oil exports
sector to the Nigerian economy, at this time of a general worldwide recession
and a collapse in the oil prices to ten-year lows of prices below $30 per
barrel,” said Chief Executive Officer of
Sapele Integrated Industries Limited, Chief
Ede Dafinone.
“But
there is already a Federal Government policy instrument called the Export
Expansion Grant (EEG). We have the Negotiable
Duty Credit Certificates (NDCCs), which are government instruments used to
pay the export grant and can be redeemed only by the payment of customs duties.
The federal government today owes us an estimated $109 billion in NDCC’s issued
and not yet redeemed, as well as a further estimated N123.5 billion in EEG
claims for 2014 and 2015.
“The
question on the lips of exporters, therefore, is: If the federal government is
owing us N109 billion with a further potential debt of N123.5 billion, why is
this available fund not directed firstly at settling the outstanding government
liabilities?,” Dafinone queried.
According to
the exporters, where the Ministry of Finance and the CBN are unable to work
together to grow the non -oil sector, the CBN should accept NDCCs as security
for the loans given under the special intervention fund, stressing that this
would give them some relief as other collaterals would be freed up and further
expansion guaranteed. (Guardian)
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