The Central Bank of Nigeria (CBN) has disbursed the sum of N2.1trillion under the Real Sector Support Facility Initiative.
\nThe bank\u2019s Director of Corporate Communications, Mr. Osita Nwanisobi, disclosed this afternoon, at the on-going 17th Abuja International Trade Fair, yesterday.
\nAccording to him, the disbursement was to 426 projects across the country, as part of CBN\u2019s efforts to grow the nation\u2019s economy.
\nNwanisobi, who was representedby the Deputy Director, Internal Communications, Mr. Sam Okogbue, said, \u201cFor the records, under the Real Sector Facility, the Bank released the sum of N66.99billion to 12 additional projects in manufacturing and agriculture.
\n\u201cCumulative disbursements under the Real Sector Support Facility (RSSF) currently stood at N2.10trillion disbursed to 426 projects across the country.\u201d
\nOn the theme of this year\u2019s fair, \u201cCreating an Export Ready Market through SME Digitalisation,\u201d the CBN spokesman said that the apex bank was determined to assist players in the sector to produce goods that meet international standards for export.
\nHe said, \u201cThe Bank\u2019s management is delighted that your chamber is spearheading conversations on the need to grow the nation\u2019s economy through Small and Medium Enterprises (SMEs).
\n\u201cThis also underscores the CBN governor\u2019s continued calls on Nigerians to not only support the thriving of the SMEs in the production of commodities in which they have comparative advantage but to produce, add value and export and earn foreign exchange.\u201d
\nHe added that the bank\u2019s participation was an opportunity to sensitize members of the public on its policies and programmes, especially its strategic interventions for a sustainable economic development in Nigeria.
\nAccording to the director, \u201cAs part of efforts towards creating export market, particularly for non-oil commodities, driven by SMEs, the Bank, in collaboration with the Bankers\u2019 Committee in February, 2022, initiated the RT200 FX Programme aimed at boosting earnings of stable and sustainable inflows of foreign exchange as well as insulating the Nigerian economy from shocks and other challenges arising from foreign exchange shortages.
\n\u201cOur records show that the initiative has started yielding the expected results as importers and exporters have been taking advantage of the payment of incentives of N65 for every $1 repatriated and sold at the I&E Window to authorized dealer banks for other third-parties\u2019 use and N35 for every $1 repatriated by exporter for own use on eligible transactions.
\n\u201cThe bank has continued to support the creation of export ready market, especially those that would add to Nigeria\u2019s economic growth and development, through her interventions in different sectors of the economy.
\n\u201cIt is important to emphasize here that we take the issue of export-readiness of businesses seriously, hence we have always encouraged business to embrace our concept of Produce, Add Value and Export (PAVE).
\n\u201cThe PAVE concept aims to make Nigerians consume what they produce, add value to such products and export the surpluses. It is an initiative similar to the export-led industrialization policy of South-East Asia, which changed the economic fortunes of countries such as South Korea, Taiwan, Malaysia and Singapore. PAVE, which is designed to be the key for fast-tracking a bucket of substitutes to crude oil export, encourages backward integration for the local production of items in which we have comparative advantage.
\n\u201cIf it worked for the South-East Asians, it surely can work for us in Nigeria. I, therefore, urge SMEs to ensure that their products and services are export-ready and can compete globally.\u201d
\nIn his remarks, the President of the ACCII, Mr. Mustapha Abubakar, said that the fair provided a platform for networking and creating business relationships among companies.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of Nigeria (CBN) has disbursed the sum of N2.1trillion under the Real Sector Support Facility Initiative. The bank\u2019s Director of Corporate Communications, Mr. Osita Nwanisobi, disclosed this afternoon, at the on-going 17th Abuja International Trade Fair, yesterday. According to him, the disbursement was to 426 projects across the country, as part of […]<\/p>\n","protected":false},"author":1,"featured_media":301554,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76],"tags":[688],"class_list":["post-305695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","tag-front-pix"],"_links":{"self":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/305695","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=305695"}],"version-history":[{"count":1,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/305695\/revisions"}],"predecessor-version":[{"id":305703,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/305695\/revisions\/305703"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/media\/301554"}],"wp:attachment":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=305695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=305695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=305695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}