Under the initiative, the focal commodities for value chain development would be cocoa, cashew, palm oil, sesame seeds and shea.
In a circular signed by Kevin Amugo, director, financial policy and regulation department, the CBN stated that the commodities are to be funded under the approved guideline of Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS), Non-Oil Export Stimulation Facility (NESF), and Real Sector Support Facility-Differentiated Cash Reserves Requirement ((RSSF-DCRR) in line with the approved limits in the Export Facilitation Initiative Funding Framework (EFIFF).
The Bankers Committee had at its 343rd meeting held in April 2019 approved the commencement of EFI to complement government efforts to gender growth in the non-oil sector of the economy as well as enhance foreign earnings and employment generation.
The CBN said in the circular that the detailed operational requirements for the initiative would be released in due course.
HOPE MOSES-ASHIKE
