The Central Bank of Nigeria (CBN) has issued a guideline to access its Non-Oil Export Stimulation Facility (NESF). The fund was introduced to diversify the revenue base of the economy and to expedite the growth and development of the nation’s non-oil export sector.
This was disclosed in a document published on the apex bank’s website. The facility, according to the document, will help redress the declining export financing and reposition the sector to increase its contribution to economic
Objectives of the Facility
* Improve access of exporters to concessionary finance to expand and diversify the non-oil export baskets;
* 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.
* Firms that are duly incorporated in Nigeria under the Companies and Allied Matters Act (CAMA) and have verifiable export off-take contract(s).
* Satisfactory credit reports from at least two Credit Bureaux in line with the provisions of CBN Circular BSD/DIR/GEN/CIR/04/014 dated April 30, 2010.
* All applications shall be in compliance with CBN circulars BSD/DIR/GEN/LAB/07/015 and
BSD/DIR/GENLAB/07/034 on “Prohibition of Loan Defaulters from Further Access to Credit Facilities in the Nigerian banking System” and “Guidelines for Processing Requests from DMBs to Extend New/Additional Credit Facilities to Loan Defaulters and AMCON Obligors” dated June 30, 2014 and October 10, 2014, respectively.