The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has announced a new initiative, the RT200 FX Programme that seeks to repatriate $200 billion exclusively from non-oil exports over the next three to five years.
Emefiele told journalists after the Banker’s Committee meeting in Abuja on Thursday that the RT200 FX Programme would be targeting increased exports, value addition and improved foreign exchange for the government.
He disclosed that another segment of the plan includes a non-oil rebate scheme, a central warehousing scheme as well as a concessionary and long term funding for non-oil exporters.
“After careful consideration of the available options and wide consultation with the Banking Community, the CBN is, effective immediately, announcing the Bankers’ Committee ‘RT200 FX Programme’, which stands for the ‘Race to US$200 billion in FX Repatriation.
“The RT200 FX Programme is a set of policies, plans and programmes for non-oil exports that will enable us attain our lofty yet attainable goal of US$200 billion in FX repatriation, exclusively from non-oil exports, over the next 3-5 years,” he said.
He explained that under the new programme, the CBN iwill be working with the Money Deposit Banks 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,” he said.
Emefiele also disclosed that the apex bank’s policies and measures have 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.
“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 prioritised,” he said.
GIK/APA