NEPC Tasks CBN to Fund SMEs Value Added Exports

The Nigeria Export Promotion Council (NEPC) on Wednesday tasked the Central Bank of Nigeria (CBN) to release funding to Small and Medium Enterprises (SMEs) for the promotion of value added export.
Mr Segun Awolowo, chief executive officer of the council, said in Lagos that non-release of the export development fund had affected SMEs operators. Awolowo said many operators had processed such products like 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 postshipment procedure easier for SMEs to operate in.’’ Awolowo urged 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 however, hopeful that the CBN would grant the request soon. Awolowo assured that the council would continue to train a new crop of exporters on the rudiments of non-oil export business. He said that the new trend would create more jobs, generate more revenue and ensure food security to the country.