Implement N550bn ESF to boost export, CBN urged

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The Organised Private Sector (OPS) has reiterated the need for the Central Bank of Nigeria (CBN) to support export growth in the country through redeeming the N550 billion export stimulation fund to exporters.

This is even as it has identified the provision of key infrastructure and implementation of revised incentives as measures to aid development in the sector.

According to the Manufacturers Association of Nigeria (MAN) and the Lagos Chamber of Commerce and Industry (LCCI), production cost by exporters remains high, largely because of infrastructure issues. The stakeholders noted that such operating costs have affected the competitiveness and profit margin of exporters.

They added that about N550 billion export stimulation fund promised by the CBN is yet to be made available to exporters, stressing the need to properly implement the new Export Expansion Grant (EEG) including defraying the outstanding debts.

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