•Says rehabilitation of Arts theatre costs $200m
To further stimulate export financing and also encourage export of goods out of the country, the Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) to grant at least a minimum of N500 billion in loans to export oriented companies.
This was even as the apex bank revealed that the cost of rehabilitating the National Art Theatre located in Iganmu, Surulere area of Lagos, is now running at almost $200 million as against its initial projected $100 million.
The CBN Governor, Godwin Emefiele, disclosed this to newsmen during the 13th Annual Bankers’ Committee Retreat held in Lagos at the weekend.
Speaking on the deliberations made during the retreat, Emefiele said that the Bankers’ Committee has agreed that the entire bank industry must grant at least a minimum of N500 billion in loans to export oriented companies that will generate measurable non-oil export receipts to complement whatever the CBN is doing
This, he said, is an attempt to boost the volume of export repatriations while adding that there is a need to continue supporting exporters who may need facilities to bring in their equipment so that they can process their goods and make them high standards that can qualify for exports abroad and at a higher value.
Emefiele revealed at a forum that tremendous progress has been made in generating non-oil export revenues in 2022 via 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.
“Let us not forget that rebates are only meant for processed goods and so by the time we add processed and unprocessed crude, cocoa, cashew, we actually ran into almost $1 billion during Q3 2022. We are happy at the progress that has been made so far with or without some little support to the exporters. We are happy that we are seeing the repatriation that has resulted in almost $2 billion coming in this year. We are saying that we draw the line and that every year, the banks, the banks have committed that they will grant export facilities to the tune of at least N500 billion which the CBN will graduate amongst most banks. The large banks will take a larger share of it while the smaller banks will take the smaller share. So what we are saying is that this is intended to further stimulate export financing and also encourage export of goods out of the country so we can generate export proceeds in an exponential way that would eventually be high”, he explained.