• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 28, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Exporter wants single digit interest rate for non-oil export

Export

The Matters Press by The Matters Press
May 3, 2022
Reading Time: 2 mins read
0
Nigeria targets $1.2bn export capacity for every state

An exporter, Mrs Adaku Chidume-Okoro, on Tuesday in Abuja, appealed to the Federal Government to initiate policies aimed at promoting single digit interest rate for non-oil export businesses.

RELATED POSTS

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Chidume-Okoro, who is the Group Managing Director of Gum Arabic Company Nigeria (GACON), said that it was imperative to boost export and successfully diversify Nigeria’s economy.

The exporter listed access to funding, high interest rate, infrastructural challenges, timing, climatic conditions as major challenges affecting export.

“So, all these put together, we look at funding or financing for export business at single digit interest rate.

“Funds at 20 or 30 per cent interest rate can’t definitely support or help non-oil export business.

“This is why a lot of bankers shy away from financing non-oil export business because they see it as a very high risky venture,’’ she said.

Chidume-Okoro further urged the Central Bank of Nigeria (CBN) to give grants to Small and Medium Enterprises (SMEs) without collaterals and de-emphasise finished products for non-oil export.

According to her, the CBN should correctly categorise the products in its RT 200 to ensure that SMEs are not cut off in the process.

CBN RT200 is an incentive grant the apex bank recently rolled out to support non-oil exporters and encouraging them to repatriate their money into the country and get a certain percentage paid to them as an incentive.

“But in doing that, they have technically cut off the SMEs by focusing on those that are exporting finished products.

“Those that are exporting the finished products is just 20 per cent of the non-oil exporters. Most of the non-oil exporters are the SMEs.

“So, CBN should correctly categorise the products,” she said.

According to her, farmers harvest their produce, wash them using the traditional method, slice and sun dry and bag and sell to exporters through a middle man.

“So, at each point of this processing it involves value addition and they are spending money and labour before it is exported.

“And then somebody decides to call it a raw product, it is not; that thing is a minus to the non-oil export sector.

“So unless it is properly addressed, SMEs are going to get disenfranchised and most of them are going to drop off from the non-oil export sector,’’ she said.

While seeking grants that would upscale SMEs to mechanisation, Chidume-Okoro said that Nigeria should avoid a process that should put people out of job.

“Yes mechanisation is good but already we are having huge unemployment, so we can’t allow the little jobs that are being provided to get lost.

“If we allow that, it will cause women and youths to go out again into the job market and be stranded.

“The Federal Government should deemphasise finished products for non-oil export.

“Most of what is being exported out of Nigeria are semi -finished products and they are creating job opportunities,’’ she said.

Tags: Export
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
Next Post
Nigeria suspends mining in Zamfara

Ministry to ensure mining firms fulfil corporate social responsibility

NIMASA moves against illegal fishing in Nigerian waters

Sustainable Security in Gulf of Guinea our focus – Jamoh

Recommended Stories

PTDF records breakthrough in research on zeolite

PTDF, association calls for painless energy transition in Nigeria

July 19, 2022
Politics hampers NSE in 2018

Politics hampers NSE in 2018

January 2, 2019
MAN concerns over CBN’s e-invoicing guidelines, calls for 90 days extension

New executive orders on taxes excites manufacturers

July 7, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us