The Central Bank of Nigeria has announced the bankers’ committees’ Race to $200b in forex repatriation into Nigeria programme , RT 200 fx programme.
It includes a set of polices for non-oil export promotion that will help the country attain $200b fx repatriation, from non-oil exports over the next 3 to 5 years.
It focuses on adding value to non-oil commodities for export.
The programme entails the bank, through the bankers’ committee, giving concessional non-oil export financing to those interested in adding value to exportable non-oil commodities.
It also includes a non-oil forex rebate scheme for exporters of semi finished or finished goods.
The project as well involves the construction of non-oil export terminals in states and the apex Bank wants the state governors to express their interest so it can partner with them.
The plan also includes a bi-annual non-oil export summit to begin in April this year.
The apex bank expects this to address foreign exchange supply issues and ease pressure on forex demand.