CBN Unveils Initiative To Foster Economy Growth In Non-Oil Sector
The Central Bank of Nigeria (CBN) has unveiled the Export Facilitation Initiative (EFI) targeted at complementing the government’s efforts to foster growth in the non -oil sector economy.
This was disclosed by the lender on their twitter page as they sent circular to all banks in the country on the commencement of the initiative.
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The EFI was approved in April 4,2019 by the bankers’ committee during its 343rd meeting.
Under the initiative, as highlighted by the apex bank, the focal commodities for value chain development would be cocoa, cashew, palm oil, Shea and sesame seed.
The CBN, in the circular, further noted that the commodities are to be funded under the approved guidelines of the Agri-Business small and Medium Enterprises Investment Scheme (AGSMEIS), The Non-oil Export Stimulation Facility (NESF), and the Real sector Support Facility-Differentiated Cash reserves requirement (RSSF-DCRR) in line with the approved limits in the EIF Funding Framework.
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Highlighting those eligible for this initiative, the CBN listed smallholder farmers operating in clusters alongside medium and large sized companies.
