By Modupe Gbadeyanka
The Lagos Chamber of Commerce and Industry (LCCI) has called on Federal Government to promptly disburse the N500 billion it approved for exporters in the country, especially those in the non-oil sector.
President of LCCI, Mr Babatunde Ruwase, during a chat with newsmen in Lagos on Wednesday, stated that exporters were complaining of not having access to the Nigeria Export-Import Bank (NEXIM) N500 billion fund.
In 2017, the Central Bank of Nigeria (CBN) and NEXIM approved an export facility of N500 billion for exporters in the country.
But Mr Ruwase said some people who applied for the funding facility have not been given the money to aid their businesses.
The LCCI chief said the non-oil export segment of the economy needs urgent intervention of the government if the diversification goal is to be achieved.
Nigeria presently relies heavily on the sale of crude oil, which it has in abundance, but a drop in the price of the commodity at the international market as well as destruction of oil facilities in the Niger Delta pushed the nation into recession in 2016.
“Early last year, an export facility was approved by the CBN and NEXIM. Many applications have been submitted to NEXIM and the central bank for processing. We appeal to the CBN and NEXIM to expedite the action on the disbursement of the facility,” Mr Ruwase said at the media briefing.
On this economy, the LCCI President said despite rise in growth and productivity indices, the economy remains fragile going by recurring challenges that continue to create concerns about prospects for sustainable poverty reduction.
He said the high cost of operations for businesses, insecurity, unfavourable policies, among others were major challenges slowing down economic growth.
With a population growth rate pegged at three per cent yearly, he urged the need for government to embrace poverty reduction measures.
Mr Ruwase said though the nation’s real GDP grew by 1.92 percent in Q4 2017, few sectors are currently contributing to the positive GDP numbers, necessitating the need to grow other sectors.
“Productivity and growth remains lower than desired and fragile; population growth is high at 3 percent per annum, raising concerns about prospects for sustainable poverty reduction,” he said.
