The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) to grant at least N500 billion in loans to export-oriented companies in order to further stimulate export financing and encourage the export of goods out of the country.
This came as the apex bank revealed that the cost of rehabilitating the National Art Theatre in Iganmu, Surulere, Lagos, has risen to nearly $200 million from the initial $100 million estimate.
The CBN Governor, Godwin Emefiele, made the announcement to reporters at the weekend’s 13th Annual Bankers’ Committee Retreat in Lagos. Emefiele stated at a forum that significant progress has been made in generating non-oil export revenues by 2022 through the RT200 program.
The CBN boss disclosed that export proceeds repatriation earned as rebates stood at $62 million in Q1, $622 million in Q2, $850 million in Q3 all in 2022.