The chairman of Manufacturers Association of Nigeria (MAN) in Ogun, Mr Wale Adegbite, has advised the Central Bank of Nigeria (CBN) to increase the special window given to SMEs in the country from 20,000 to 100,000 dollars
Adegbite told the News Agency of Nigeria (NAN) on Wednesday in Ota, Ogun, that such a decision would effective help the Small and Medium Enterprises ( SMEs) to import raw materials and boost the economy.
Adegbite’s advise is coming after the CBN, through its circular dated 10th of April 2017 announced that the apex bank had opened a special window of $20,000 quarterly for SMEs to enable them to import eligible items into the country.
The CBN circular mentioned that the $20,000 per customer per quarter can be effected by telegraphic transfer subject to provision of form M, proforma invoice and customers BVN.
Adegbite who lauded the initiative, mentioned that the new special window by the CBN is not sufficient for the SMEs to import eligible items into the country.
The chairman said that an upward review of the intervention by the CBN would stimulate activities of SMEs that would further generate employment opportunities.
The SME which may have been short out of the CBN window deserves a better deal. While the opportunity offered by the CBN for telegraphic transfer is good. The advise of MAN should be taken seriously and increase the allocation to this critical sector in other to help rejuvenate the economy and bring back the much needed jobs which SME is known for.