Exporters lament as n500bn intervention fund sits idle

It appears that there is an issue with the Nigerian government's intervention fund for exporters, which has been allocated N500 billion but remains idle. Here's a possible article based on this information:

Exporters Lament as N500bn Intervention Fund Sits Idle

The Nigerian government's N500 billion intervention fund for exporters has been gathering dust, leaving many exporters in a state of despair. The fund, which was allocated to support the country's non-oil export sector, has not been disbursed to the intended beneficiaries, causing frustration and disappointment among exporters.

The exporters, who are the backbone of the country's economy, are crying out for help, saying that the non-disbursement of the fund is crippling their businesses and affecting their ability to compete globally. They are calling on the government to take immediate action to release the fund, which they believe is crucial to reviving the country's ailing export sector.

"We are at a loss as to why the fund has not been disbursed," said Mrs. Nneoma Okoro, a textile exporter from Lagos. "We have been waiting for months, and our businesses are suffering as a result. We are not able to compete with our foreign counterparts, and our products are not getting the attention they deserve."

The exporters are also complaining about the lack of transparency in the disbursement process, saying that they are not aware of the criteria used to select the beneficiaries of the fund. They are calling for a more transparent and accountable process, which will ensure that the fund is used effectively and efficiently.

"We want to know how the fund will be disbursed and who will benefit from it," said Mr. Chukwuemeka Nwosu, a cocoa exporter from Aba. "We want to be sure that the fund will be used to support genuine exporters, not just a few privileged individuals."

The non-disbursement of the N500 billion intervention fund is a major setback for the country's export sector, which has been struggling to recover from the effects of the COVID-19 pandemic. The sector has been facing numerous challenges, including high production costs, lack of infrastructure, and inadequate funding.

The government has been trying to revitalize the sector through various initiatives, including the establishment of the Nigerian Export Promotion Council (NEPC) and the creation of the Export Development Fund (EDF). However, the non-disbursement of the N500 billion intervention fund has raised concerns about the government's commitment to supporting the sector.

The exporters are calling on the government to take immediate action to release the fund and to ensure that it is used effectively and efficiently. They believe that the fund is crucial to reviving the country's ailing export sector and to promoting economic growth and development.

"We urge the government to take immediate action to release the fund and to ensure that it is used to support genuine exporters," said Mrs. Okoro. "We want to see our businesses thrive, and we want to be able to compete globally. We are counting on the government to help us achieve our goals."