CBN: ABP, Other Interventions Will Boost RT200 Policy

Nume Ekeghe

The Director of Banking Supervision Department, Central Bank of Nigeria (CBN), Mr. Mustapha Haruna has stated that economic interventions by the CBN such as anchors borrowers’ program, Real Sector Support Facility Discretionary Cash Reserve Ratio (RSSF- DCRR), amongst others willboast its RT200 policy. 

Also, the Director, Trade and Exchange Department, Ms. Ozoemena Nnaji alluded that some companies who had gotten intervention to grow their businesses are now enabling Nigeria increase its non-oil export earnings. 

They said this over the weekend at CBN’s on-site monitoring and evaluation of Pinnacle Oil and Gas FZE, The Candel Company, Sana Building Systems (SBS) all in Lagos free zone.  

Speaking on the sidelines after the assessment tours of the Candel company, Haruna said: “There is a clear validation of the strategic wisdom behind the various interventions of the Central Bank of Nigeria particularly to support the real sector. Candle stands at two critical junctures. One is the manufacturing outfit, as you recall recently, the central bank introduced the RTX 200 policy designed to boost the non-oil sector and what Candel is doing here is quite complementary to that policy.”

On her part, Nnaji after the assessment tour of SBS, said: “SBS is actually exporting some of their products here to our neighboring countries, and that will earn us some foreign exchange.  we hope also that can benefit from it RT200 export more, so that I can get the benefit of the rebate.

“Also, the multiplier effect of the company is huge, because we have people building this product to neighboring countries of Cameroon and Ghana where they have done business, and also have companies here that is utilising their materials and their product.”

On his part, speaking during a visit to Candel Company Limited, Head, Legal Services Department of CBN, Mr Kofo Salam-Alada, called on banks to support Nigerian companies to grow production in the country.

“With what the company is doing I believe that bankers should actually start coming for them; it’s not just the Central Bank’s Intervention Funds, Nigerian banks should actually seek them to see how they can partner with them to drive it forward,” he said.

President SBS, Mr. Ken Krieger praised the inventions of CBN in the reals sector and his company. He said: “This factory is the result of the funding that we’ve received and without that support, honestly, we could not have made it happen. So, we’re very grateful that the CBN is diligent in building the economy. We are now exporting into Cameroon, currently, we have projects quoted for Ghana and the Ivory Coast also.”

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