The 150 exporters who participated in the Race To $200 billion scheme have qualified for a N3.5 billion rebate.
This was one of the highlights of the Bankers’ Committee meeting held in Abuja on Thursday and announced by Managing Director of Fidelity Bank, Nneka Onyeali-Okpe
She said that the rebate to the exporters would be paid quarterly.
The RT200 FX Programme is a set of policies, plans and programmes for non-oil exports that will enable the country attain the lofty goal of $200 billion in FX repatriation, exclusively from non-oil exports, over the next 3-5 years.
The scheme announced at the end of the February Bankers Committee meeting is anchored on a Value-adding exports facility, Non-oil commodities expansion facility, a Non-oil FX rebate scheme, a Dedicated Non-oil export terminal and a Biannual non-oil export summit
Onyeali-Okpe speaking at a virtual press briefing at the end of the meeting said, “The CBN Governor during the meeting announced the immediate release of N3.5bn incentive to various exporters under the RT200bn programme.
“This rebate we just announced will be paid quarterly to exporters who qualify. All this is to ensure that we boost the foreign exchange that goes into the country.”
She also said that through the programme $60m has been injected into the economy since February when the scheme was launched.
“For the number of beneficiaries of N3.5bn, there are 150 customers at various levels and some under the finished goods and some under the semi-finished goods,” she added.
She explained that only Plateau State had concluded plans to establish a non-oil exports terminal in line with the CBN’s plan to reduce the challenges of exporters at the ports.
“Only state government that has a semi-finished lens to establish such ports. All other state governments are at different levels of engagement.
“This project is only one month old and getting an export processing zone running is not very easy, so we expect that will take a little more time”, she added.
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