The NACCIMA Export Action Group, NEXAG, has urged the Federal Government to develop policies that can help the SME segment impact positively on the economy through international trade.
Speaking in Lagos, Chairman of the Group, Ade Adefeko, demanded that the Central Bank of Nigeria, CBN revisit the restriction of the use of non-oil and export proceeds as well as the suspension of the current Export Expansion Grant, EEG, to make the operating environment more SME friendly.
“It has become imperative for the CBN to revisit the policy on restriction of non-oil export and export proceeds because the policy has negatively affected most SMEs, particularly indigenous exporters.”
He wondered why the EEG grant should remain under suspension at a time the Nigerian economy is in need of other sources of boosting the economy. “The suspension of the Export Expansion Grant, EEG has limited the growth of non-oil export and as such, we are calling on the Federal Government to lift this suspension as a matter of urgency,” he said.
In a communique, the group wants the Federal Government to assist the SME segment in their desire to impact on the economy like compelling the Nigerian Customs Service to accept Negotiable Duty Credit Certificate, NDCC as issued by the Nigerian Export Promotion Council, NEPC for duty payments and accepting the NDCC for payment of other government revenues.
Further, they want the CBN and NEXIM cooperate with NACCIMA to make access to fund easier for SMEs particularly with the N300bn non-oil intervention fund already set aside by the government. According to Adefeko “the CBN should simplify the procedure in such a way that the fund will be accessible by exporters, particularly those in the SME segment without being exposed to the intrigues and rigours of the commercial banks.”
The post SMEs non-oil intervention fund: Group lauds FG on policies appeared first on Vanguard News.
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