Emefiele: Banks and CBN to Support Over N500 Billion in Nigerian Exports.
In an effort to increase non-oil export revenues, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, stated that the apex bank and the Bankers’ Committee would commit a minimum of N500 billion in loans to Nigeria’s export-oriented firms. He declared that the CBN would keep supplying banks with the foreign exchange requirements of their clients.
The export proceeds or repatriation that earned rebate was roughly $62 million during the six weeks in February and March when the program began and rebates of N65 were being given; the export proceeds repatriation that earned rebate was roughly $622 million during the second quarter; and we saw almost about $850 million of export proceeds that earned rebate in the third quarter.
Thus, by the time we add both processed and unprocessed goods like cocoa and cashew to the processed goods, we ran into almost $1 billion during the third quarter and we are beginning to think that we should be able to continue to ramp up.
He also stressed that for the success of RT200, some verticals such as transportation, and infrastructure needed to have immediate solutions to promote exports.