Take Advantage of Govt Funding Agencies to Strengthen Export Base – CBN Urges Local Producers
* Producers to take full advantage of government-backed institutions.
The Central Bank of Nigeria (CBN) has called on local manufacturers and exporters to explore financing opportunities available through various government agencies as part of broader efforts to ease pressure on the naira and strengthen the country’s export base.
Speaking at a town hall meeting in Lagos yesterday, with the theme, ‘Enhancing the Effectiveness of Nigerian Products,’ which was hosted by the Bankers’ Committee, the Director of Consumer Protection and Financial Inclusion at the CBN, Dr. Aisha Olatiwon, underscored the importance of coordinated support for Nigerian-made goods and services in global markets.
She urged producers to move beyond conventional reliance on the central bank and take full advantage of interventions from other government-backed institutions established to support export-led growth.
She explained: “We have the Bank of Industry (BoI) and we also have the development financial institutions. Those people give interest rates below what the commercial banks are giving.
“So I encourage companies to go to those development institutions like the BoI, or even development financial institutions. That can give them rates very far below what the banks can give. So you don’t have to go to the commercial banks to get your funding for your business.”
Olatiwon, however, said the town hall meeting was a timely opportunity to examine how the country could collectively address these issues, build capacity across value chains, and support Nigerian businesses to compete more effectively at home and abroad.
