CBN To Launch Non-Oil Export Optimisation Framework- Nigeria.

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The CBN has announced that it has established a comprehensive Non-Oil Export Optimisation framework.

Mr Osita Nwanisobi, Director, CBN Corporate Communications Department, disclosed this in a statement seen by the News Agency of Nigeria.
What the CBN is saying
According to Nwanisobi, the summit will also emphasize the development of the non-oil export sector and the will to overcome challenges.

The forum, according to Nwanisobi, is to elicit voluntary commitments and activities to support the non-oil export revitalization strategy. Expert presentations and discussions will be address the country’s current non-oil export sector condition and make recommendations. “Other expected stakeholders are; aggregators, storage, logistics and freight transport operators; exporters; road transport agencies; security agencies and government ministries at federal and state levels,” he said.

What you should know
Nairametrics reported that the CBN and the Bankers’ Committee in February, unveiled the RT200 programme. A set of plans, policies, and programmes designed to increase the nation’s earnings exclusively from non-oil exports.

With the implementation of this policy, the CBN has stated that the supply of foreign currency to commercial banks will cease by the end of 2022.
The RT200 initiative is to be implement through five anchors: Value Adding Exports Facility (VEF); Non-Oil Commodities Expansion Facility (NCEF); Non-Oil FX Rebate Scheme (NFRS); Dedicated Non-Oil Export Terminal; and the hosting of a Bi-annual Non-Oil Export Summit.

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