The Manufacturers Association of Nigeria (MAN), Ogun branch has called on the Central Bank of Nigeria (CBN) to increase the special window allocated to SMEs in the country from 20,000 US dollars to100, 000 US dollars quarterly.
Mr Wale Adegbite, MAN, Ogun State Branch who made this call on Wednesday in Ota, Ogun, stated that such a decision would effectively help the Small and Medium Enterprises (SMEs) to import raw materials and boost the economy.
Recall that Acting Director, Corporate Communication Department of the CBN, Mr Isaac Okoroafor, on Monday in Abuja, announced that the apex bank had opened a special window of $20,000 quarterly for SMEs to enable them import eligible finished and semi-finished items into the country.
Okoroafor however noted that the apex bank’s special intervention became necessary after finding out many SMEs were being crowded out of the foreign exchange market (Forex).
Adegbite pointed out that the new special window by the CBN is not sufficient for the SMEs to import eligible finished and semi-finished items into the country.
He stressed; “The new special windows just introduced for the SMEs by the Apex Bank was too nominal and small for them to import goods into the country as expected by the apex bank.”
He insisted that the upward review of the special intervention by the CBN would stimulate activities of SMEs which would further generate employment opportunities for the teaming population.
Adegbite maintained that the need for the CBN to open another special window for manufacturers to enable them operate optimally since the $60,000 incentive has been discontinued.
“The SMEs and manufacturers form the bedrock of any nation since they play vital roles in economic development as well as creating jobs for the people,” Adegbite emphasised.