Determined to address the economy’s lack of foreign exchange, the Central Bank of Nigeria (CBN) has announced the RT200 Programme, which aims to stimulate non-oil exports with a $200 billion FX income target over the next three to five years.
Mr Godwin Emefiele, Governor of the Central Bank of Nigeria, announced the initiative this afternoon at the end of the Bankers’ Committee meeting in Abuja.
The CBN will fund the construction of dedicated non-oil export terminals under the program, in collaboration with Money Deposit Banks, to eliminate the delays currently experienced by exporters.
It would also offer 5% loans to companies for value-addition and the production of finished goods for export over a 10-year period, with a two-year moratorium.
According to the CBN governor, other key features of the program included a Non-Oil Commodities Expansion Facility, a Non-Oil FX Rebate Scheme, and a Biannual Non-Oil Export Summit.
Rather than exporting raw cocoa with minimal export proceeds, Mr Emefiele stated that his team would fund companies in the country to produce chocolate.
He stated that cashew processing, which currently accounts for only 5% of national output, as well as sesame seed processing, would be prioritized.
