Friday, 16 March 2018

NON-OIL EXPORTERS REJOICE AS CBN BEGINS IMPLEMENTATION OF N500BN EXPORT FACILITY

Folks, if you are a non-oil exporter, you have a good reason to rejoice. This is because information reaching Tectono Business Review has it that the Central Bank of Nigeria has commenced the implementation of the N500 billion non-oil exports stimulation loan.

The CBN stated this in a circular entitled ‘Circular to All Deposit Money Banks and Development Finance Institutions on the Commencement of the Non-Oil Exports Stimulation Facility (NESF).

It would be recalled that the loan facility proposed two years ago was created for local manufacturers and exporters with the aim of diversifying the revenue base of the economy and expediting growth and development of the non-oil export sector.

According to the Central Bank of Nigeria, “The Non-oil Export Stimulation Facility (NESF) has been introduced to engender growth in the non-oil sector of the economy and foreign reserve accretion. The facility will help redress the declining export financing and reposition the sector to increase its contribution to economic development.

“We hereby inform all participating financial institutions that implementation of the NESF has commenced. The following shall be eligible to participate under the facility: Deposit Money banks and development Finance Institutions (DFI).”

According to the circular, the loan facility will have a tenor of up to 10 years, not exceeding the 31st December, 2027; while, the principal and the 7 percent annual interest will be repaid quarterly and in accordance with the repayment schedule.

Have you heard this? Many Nigerian exporters have been defrauded of huge amount of money in the process of exporting commodities to foreign countries. Do you know why? They were not trained on export operations, management, documentations and the best methods of payment in export trade. This is terrible!!! Nigerians cannot continue to lose money to foreigners in the course of export business. Exporters, why don’t you get a practical manual that teaches the stages of export trade from processing and packaging of commodities to receipt of payment by the foreign buyers. It teaches export operations, export management, export documentations and methods of payment in export trade? It is a contemporary step-by-step guide to export trade. It tells all the contemporary dynamics in export trade. To get it, click on the link below:

Hmmm!!! Folks, have you ever imagined how the financial status of your firm will be when more than 20,000 CEOs and other key decision makers of blue-chip corporations pay for your products and services or even give you very juicy deals. The link below will tell you more: http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html