NEPC Urges Cbn To Release Export Development Fund For SMEs

The Nigeria Export Promotion Council (NEPC) has urged the Central Bank of Nigeria (CBN) to release fund to the Small and Medium Enterprises (SMEs) so as to promote value added export in the country.

Chief Executive Officer of the council, Mr, Segun Awolowo, who said this in Lagos, noted that the non-release of the export development fund is affecting SMEs operators.

Awolowo said many operators had gone ahead to process products such as cassava; sesame seeds, hibiscus, soya beans, among others, into finished products, but required export grant to facilitate the trade.

“We have so many new SMEs showing interest in export business, especially in non-oil export. But they are handicapped because pre-shipment procedures cost a lot.

“The fund would make post-shipment procedure easier for SMEs to operate,” Awolowo said, urging the CBN to urgently release the fund because most SME operators were no longer willing to export raw materials but finished products to Europe.

He said the council was hopeful that the CBN would grant the request soon, assuring that the council would also continue to train a new crop of exporters on the rudiments of non-oil export business.

He was hopeful that the new trend would create more jobs, generate more revenue and ensure food security to the country.

Source : Independent

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