The Central Bank of Nigeria (CBN) has introduced a new intervention programme (RT200) to help improve export receipts and boost the country’s foreign exchange earnings.
The CBN Governor, Mr Godwin Emefiele, made this known on Thursday in Abuja, while addressing journalists on the fall out from the Bankers’ Committee Meeting.
Emefiele explained that RT200 implied “Race to N200 billion dollars in Foreign Exchange repatriation”.
He added that RT200 is a set of policies, plans and programmes for non-oil exports, designed to help the country attain a goal of US$ 200 billion exclusively from non-oil exports over the next three to five years.
The apex bank governor said that the programme was initiated after careful consideration of available options and wide consultations with the banking community.
He added that the RT200 programme would have five key anchors.
“They are Value-Adding Experts Facility; Non-Oil Commodities Expansion Facility; Non-Oil FX Rebate Scheme; Dedicated Non-Oil Export Terminal and Biannual Non-Oil Export Summit,” he said.
Emefiele explained that the RT200 was not intended to provide solution to all of Nigeria’s export problems, adding that it is a first step to solving the challenges.
“I am mindful that this goal may appear unattainable to some but I am resolute and determined that we can achieve it.
“The RT200 programme is not intended to be a silver bullet to all our problems in the export segment of the economy.
“It is a first step meant to ensure that the CBN is better able to carry out its mandate in an effective and efficient manner, which guarantees preservation of scarce common wealth and the stability of the Naira.
“It is only by boosting productive and earning capacity of this economy that we can truly preserve the long-term value of our currency as well as the stability of our exchange rate,” he said.