How to Access New CBN Non-oil Export Fund (NESF): The Central Bank of Nigeria has issued a guideline to access its Non-Oil Export Stimulation Facility (NESF). The fund was introduced to diversify the revenue base of the economy and to expedite the growth and development of the nation’s non-oil export sector.
This was disclosed in a document published on the apex bank’s website. The facility, according to the document, will help redress the declining export financing and reposition the sector to increase its contribution to economic
In this article, you will get vital information on how to apply for CBN Non-oil Export Fund (NESF). The Central Bank of Nigeria Non-Oil Export Stimulation Facility (NESF) is currently ongoing and applications are hereby invited from suitably qualified candidates to apply.
Continue reading to find out more information about the CBN Non-oil Export Fund exclusively shared by Mediangr.com.ng
Objectives of the Facility
* Improve access of exporters to concessionary finance to expand and diversify the non-oil export baskets;
* Attract new investments and encourage re-investments in value-added non-oil exports production and non traditional exports;
* Shore up non-oil export sector productivity and create more jobs;
*Support export-oriented companies to upscale and expand their export operations as well as capabilities; and
* Broaden the scope of export financing instruments.
Who qualifies for the New CBN Non-oil Export Fund (NESF)?
* Firms that are duly incorporated in Nigeria under the Companies and Allied Matters Act (CAMA) and have verifiable export off-take contract(s).
* Satisfactory credit reports from at least two Credit Bureaux in line with the provisions of CBN Circular BSD/DIR/GEN/CIR/04/014 dated April 30, 2010.
* All applications shall be in compliance with CBN circulars BSD/DIR/GEN/LAB/07/015 and
BSD/DIR/GENLAB/07/034 on “Prohibition of Loan Defaulters from Further Access to Credit Facilities in the Nigerian banking System” and “Guidelines for Processing Requests from DMBs to Extend New/Additional Credit Facilities to Loan Defaulters and AMCON Obligors” dated June 30, 2014 and October 10, 2014, respectively.
- Special Public Works Registration Portal 2020 – specialpublicworks.gov.ng
- Buhari: 774000 To Be Employed On Special Public Works Programme
- Oyo Tescom Recruitment 2020 Application Form Portal & How to Apply
- Flour Mills of Nigeria (FMN) Recruitment 2020 Form & How to Apply
- World Bank Group Africa Fellowship 2021 for Ph.D Students & Graduates
- How to Apply Nigeria Police Recruitment 2020 Registration Form
- United Bank for Africa PLC (UBA) Recruitment 2020 & How to Apply
- Landmark University Recruitment 2020/2021 Form & How to Apply
- Norwegian Refugee Council Recruitment 2020/2021 & How to Apply
- Lagos State Health Service Commission Recruitment 2020 & How to Apply
- Special Public Works Recruitment Portal 2020 – specialpublicworks.gov.ng
CBN Non-oil Export Fund (NESF) Eligible Transactions
* Export of goods processed or manufactured in Nigeria;
* Export of commodities and services, which are allowed under the laws of Nigeria and do not violate the principles of non-interest banking and finance;
* Imports of plant & machinery, spare parts and packaging materials, required for export-oriented production that cannot be sourced locally;
* Resuscitation, expansion, modernization and technology upgrade of non-oil export industries;
* Export value chain support services such as transportation, warehousing and
quality assurance infrastructure;
* Working capital/stocking facility; and
Participating Financial Institutions (PFIs)
- Non-Interest Banks (NIBs).
- Non-Interest Development Finance Institutions (NI-DFIs).
Features of the CBN Non-oil Export Fund (NESF).
* Financing Limit Term financings under the Facility shall not exceed 70% of verifiable total cost of the project subject to a maximum of ₦5,000,000,000.00.
The NESF shall have a tenor of up to 10 years and shall not exceed the 31st December, 2027.
Working capital/stocking facility shall be for one year. Where applicable, the facility can be rolled-over twice on a reducing balance basis of 33.3% of the original amount.
Repayments of principal and return shall be quarterly and in accordance with the agreed repayment schedule.
* Moratorium shall be project-specific and shall not exceed two (2) years.
* In case of construction, additional moratorium of up to one (1) year may be allowed, subject to approval by the CBN.
* Rates of Return: The Facility shall be granted at an all-inclusive rate of return of 9% per annum.
How to Access New CBN Non-oil Export Fund (NESF).
A PFI shall submit application to CBN on behalf of its customer in the prescribed format.
In the case of financing syndication, the lead bank shall submit application on behalf of other banks. All correspondence with respect to the application shall be with the lead
Each request for a facility is to be accompanied by the following documents:
- a) Written request from the project promoter to a PFI seeking financing under the NESF.
- b) Completed application form.
- c) Certified true copies of documents on business incorporation.
- d) Three (3) years tax clearance certificate.
- e) Audited statement of accounts for the last three (3) years (where applicable) or the most recent management account for companies less than three (3) years in
- f) Feasibility study/ business plan of the project.
- g) Relevant permits/ licenses/ approvals (where applicable).
- h) Verifiable export orders/ contracts or other export agreement and arrangements/ commitments.