AFAP has appealed to the country’s apex bank to assist SMEs to easily access foreign exchange. Duro Kuteyi, the National President, Association of Food and Agro Processors (AFAP), has appealed to the Central Bank of Nigeria (CBN) to assist Small and Medium Enterprises (SMEs) to easily access foreign exchange for procurement of machinery.
According to a news report by NAN, he made this appeal while speaking at the Award and End-of-Year ceremony of Spectra Industries Ltd. in Lagos on Thursday.
While speaking at the ceremony, Kuteyi noted that having access to machines will enable SMEs to play an active role in the economy, which will help to deepen economic growth, and go a long way to improve the country’s foreign exchange earnings, job creation, and productivity.
Kuteyi, who doubles as the Chief Executive Officer of Spectra Industries Ltd, revealed that SMEs face major regulatory challenges, especially when they want to convert funds to dollars at the CBN official exchange rate to import the machines.
He said this issue is a major hindrance to one of the AFAP’s mandate, which includes advocating for an opportunity to increase food processing for local and export markets to ensure food security for the nation.
In his words, he disclosed that some members of the association had secured funding under CBN’s financial intervention.