Members of Cocoa Exporters Association of Nigeria have appealed to the Nigerian Government to compel theCentral Bank of Nigeria and Nigerian Export-Import Bank to speedily distribute the export stimulation facility to the commercial banks for onward lending to the exporters.
Addressing a news conference in Akure, the Ondo state capital, the National Secretary of the Association, Kayode Babade expressed concern that CBN and NEXIM are yet to disburse funds to the commercial banks for
lending to the exporters one year after the directive.
He lamented that members of the Association are currently trading at a commercial interest rate of between twenty-four and twenty- seven percent.
On his part, the National chairman of the Association, Pius Ayodele said it sad that exporters are borrowing at high interest rate while the foreigners are borrowing below five percent in their home countries.
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