RT 200 FX Policy Programme

This will provide grants and long-term funding for businesspeople who are interested in either expanding existing factories or building new ones for the sole purpose of adding significant value to the non-oil commodities. This value could be appreciated by realising that exporting unprocessed goods do not usually result to profit in foreign exchange.

These are facilities designed to boost local production of exportable commodities. This is to ensure that the new facilities and factories financed by the value-adding facilities are not starved of inputs of raw materials in their production cycle.

This is a special local currency rebate for non-oil exporters of semi-finished and finished products who show evidence of export proceeds repatriation sold directly into the investors and exporter windows to boost liquidity in the market.

This will reduce port congestion. A major issue highlighted by exporters that hinders improved operations and foreign exchange earnings. The new initiative from CBN urges State governments with existing ports to partner with bank to establish an export terminal and a friendly ecosystem of world class infrastructure needed for non-oil exports. Over the next 3-5 months, it is intended that banks will collect and analyse proposals from state governments willing to collaborate. Banks will provide a significant amount for financing whereas the responsibilities of state governments will be made clearer in time.

This is a more formal, predetermined, and regular proposed by the CBN to discuss opportunities and challenges in relation to the program. This will bring in all relevant stakeholders in the export business such as banks, customs etc. The Governor believes that the coming together of all relevant stakeholders and parties would be particularly important for the goal of $200 billion to be reached within the intended timeframe.