‘CBN’s Various Interventions to Boost RT200 Policy’

Nume Ekeghe

The Director of Banking Supervision Department of the CBN, Mr. Mustapha Haruna has noted that companies who keyed into the various interventions such as anchors borrowers’ program, Real Sector Support Facility Discretionary Cash Reserve Ratio (RSSF- DCRR), and others from the CBN are set to boast the RT200 policy of the CBN. 

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 his part, the Head, Legal Services Department of CBN, Mr Kofo Salam-Alada, during a visit to Candel Company Ltd., 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.

“The key thing that Nigerians must also know is that we need to support our own, not just in terms of employment generation; for the CBN that is interested in increasing foreign exchange in this country, it is something that needs to be supported,” 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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