The Central Bank of Nigeria (CBN) today announced an initiative tagged ‘RT200 Programme’ to stimulate non-oil exports with a $200-billion FX income target in the next three to five years.
The CBN Governor, Godwin Emefiele, told journalists at the end of the Bankers’ Committee Meeting in Abuja that the initiative was required to address the lingerinf inadequate foreign exchange (forex) in the economy.
He expatiated: “Under the programme, the CBN, working with the Money Deposit Banks, MDBs, is to fund the construction of dedicated non-oil export terminals to eliminate the delays currently experienced by exporters.
“The time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas.
“We will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
“CBN would also provide loans to companies for value-addition and production of finished goods for export at 5 per cent for a 10-year period, with two years of moratorium”, Emefiele added.
According to him, some other key features of the programme include the Non-Oil Commodities Expansion Facility; Non-Oil FX Rebate Scheme and the Biannual Non-Oil Export Summit.
The CBN Governor further hinted that the apex bank’s policies and measures had led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022.
Expatiating on the thrust of the new initiative, the CBN Governor stressed that “rather than exporting raw cocoa with minimal export proceeds, we would fund companies to produce chocolate in the country.
“Cashew processing, currently at a mere 5 per cent of the nation’s production, as well as, sesame seeds processing would be prioritized”, Emefiele added.
