By Amaka Ifeakandu
The Central Bank of Nigeria (CBN) has released a framework for the non oil export stimulation facility (NESF).
The apex bank said that NESF was introduced to diversify the revenue base of the economy and to expedite the growth and development of the non-oil export sector.
The CBN stated that the facility will help redress the declining export financing and reposition the sector to increase its contribution to economic development
The guideline said that NESF was set to improve access of exporters to concessionary finance to expand and diversify the
non-oil export baskets;
Other reasons for establishment of NESF according to the CBN was to attract new investments and encourage re-investments in value-added non-oil exports production and non-traditional exports; shore up non-oil export sector productivity and create more jobs; support export-oriented companies to upscale and expand their export operations as
well as capabilities; and broaden the scope of export financing instruments.
The apex regulator pointed out that the export-oriented enterprise that duly incorporated in Nigeria under the Companies and Allied Matters Act (CAMA), company that has verifiable export off-take contract(s), Satisfactory credit reports from at least two Credit Bureau in line with the provisions of CBN Circular of April 30, 2010 shall be eligible to participate under the NESF: