• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, September 6, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Scheme to repatriate $200bn in forex requires right mechanisms

Forex

The Matters Press by The Matters Press
February 15, 2022
Reading Time: 2 mins read
0
Scheme to repatriate $200bn in forex requires right mechanisms

The race to US$200 billion in foreign exchange repatriation (RT200 FX Programme) needs the right policies and other mechanisms to achieve desired results, says Dr Chinyere Almona, Director-General (LCCI).

RELATED POSTS

‎Tinubu’s export ban on raw shea nuts will position Nigeria for $3bn annual revenue-TSF

‎IMF, IFC commendation for Nigeria’s economic recovery, evidence of success of Tinubu’s economic reforms – TDF

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

Almona said this in a statement issued to newsmen on Monday in Lagos, following the Central Bank of Nigeria (CBN) announcement of the scheme, which is exclusively from non-oil exports and over the next 3-5 years.

Commending the scheme, Almona said it required critical export infrastructure, international trade diplomacy, and adequate funding.

She said there was the need to also enlighten the public, especially experienced and potential exporters, on the terms and conditions around these facilities and programmes to enhance the participation of the business community.

“One major challenge in Nigeria’s export chain is the unstructured procedures that cause delays, corruption, and rejection of exports.

“These facilities should be well directed to process targeted products in which Nigeria has some comparative advantage such as sesame, cashew, cocoa into finished goods.

“The reason for the low FX revenue from exports is due to the export of primary unprocessed commodities.

“Nigeria must take bold steps to establish a trading system that supports the seamless flow of trade.

“It must establish the necessary infrastructure, create needed awareness toward exploring the African Continental Free Trade Area (AfCFTA),” she said.

The LCCI DG, however, urged the CBN to exercise caution in its interventions in various sectors of the economy as this indicated an element of a dysfunctional economic system.

She noted that under the CBN’s targeted credit facility, the apex bank had intervened with more than N2trillion support to agriculture.

Almona explained that more investment should be made in critical infrastructure to ensure the repayment of these facilities.

“Currently, there are many credit facilities extended to farmers and manufacturers that may suffer non-repayment due to the high cost of production.

“Beyond the loans to support value addition to our exports, there is an urgent need to improve the export infrastructure at our ports.

“There is the need to create more digital platforms to reduce the human interface for exports and formulate the right policies.

“To this end, we urge the government to accelerate the plan to build domestic export warehouses by the Nigerian Export Promotion Council (NEPC).

“The concern of the Chamber is that without infrastructure, the grants may end up as lost ventures.

“There should be deeper stakeholder consultation and collaboration with the organised private sector in the implementation of this programme,” she said.

Tags: Forex
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria targets $1.2bn export capacity for every state
Economy/Technology

‎Tinubu’s export ban on raw shea nuts will position Nigeria for $3bn annual revenue-TSF

September 2, 2025
Nigerians to own brand new vehicles, goods through new credit scheme initiative
Economy/Technology

‎IMF, IFC commendation for Nigeria’s economic recovery, evidence of success of Tinubu’s economic reforms – TDF

September 2, 2025
Nigeria regains top crude oil production spot in Africa
Energy

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

August 28, 2025
Who is lying, Obasanjo or NAN?
News

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

August 28, 2025
Obasanjo campaigns for AfCFTA
News

Tinubu succeeding where Obasanjo failed woefully, says TMSG

August 28, 2025
Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
Next Post
2021 premium income for insurance industry hits N630bn — NAICOM

2021 premium income for insurance industry hits N630bn — NAICOM

CAC, Pakistani investors on economic diversification

Nigerian economy to grow by 2.6% - Proshare

Recommended Stories

Group bemoans level of crude oil theft

LCCI, NACCIMA task Nigeria on oil theft, rising debt profile

August 17, 2022
NDIC gives hope to customers of Fortis Bank

World savings Day: NDIC embarks on income savings campaign

November 9, 2022
Obi, PDP candidate advises Buhari to increase tempo

Heathrow Airport’s detention of Obi, defeated Nigerian presidential candidate confirmed

April 13, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Tinubu’s export ban on raw shea nuts will position Nigeria for $3bn annual revenue-TSF
  • ‎IMF, IFC commendation for Nigeria’s economic recovery, evidence of success of Tinubu’s economic reforms – TDF
  • ‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us