Fidelity Bank to Sensitize Businesses in North Central Zone on Opportunities in Non-Oil Exports

Following successful outings in Kano and Akure, leading financial institution, Fidelity Bank Plc, is set to host businesses in the north central geopolitical zone to a special seminar on opportunities and implementation of the CBN RT200 FX Policy.

Scheduled for Tuesday, 12 April 2022 in Jos, Plateau State capital, the session would be facilitated by officials of the bank as well as representatives from key stakeholders in the Nigerian financial services and export industries.

Tasked on what attendees should expect from the seminar, Isaiah Ndukwe, Divisional Head, Export and Agriculture, Fidelity Bank Plc said, “The new policy will trigger shifts in the business landscape and realignments will be necessary to take advantage of the emerging opportunities. We have therefore put this workshop together to sensitize and guide businesses in making more informed decisions towards expanding their export play”.

Launched on February 10, 2022 by the apex bank as part of measures to reduce the increasing demand for foreign currency by importers, the RT200 FX Programme aims to raise $200billion in foreign exchange earnings in the next three to five years through non-oil exports.

The policy is anchored on the Non-oil Exports Proceeds Repatriation Rebate Scheme which will incentivize exporters in the non-oil sector to repatriate and sell export proceeds in the FX market to generate sustainable FX inflows and guide the Nigerian economy against FX shortages and shocks.

“Driven by our vision of establishing exports as a strategic business play given the immense opportunities it bodes for our customers and the nation’s economy, we regularly deploy initiatives such as this in collaboration with forward-thinking organisations. This is why we have become the go-to bank for existing and aspiring export businesses”, explained Ndukwe.

It would be recalled that Fidelity Bank hosted the first edition of the workshop in Kano State on 21 February 2022 and the second leg on 14 March 2022 in Akure, Ondo State capital to encourage adoption of the CBN RT200 FX Policy.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.5 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

CBN RT200 FX Policy

The RT200 FX Programme is an initiative of the Central Bank of Nigeria (CBN) which aims to raise $200 billion in Foreign Exchange (FX) earnings from Non-Oil Proceeds over the next 3-5years. It is anchored on a five-point agenda with a view to raising $200 billion in FX earnings in the next five years.

The Central Bank of Nigeria’s new RT200 FX Programme to attract $200 billion in FX repatriation would need additional policy improvement with export infrastructure, financing for exporters and others to achieve the desired result.

This was disclosed by Dr Chinyere Almona, Director-General of the Lagos Commerce Chamber, LCCI, in a statement on Tuesday.

She added that the CBN also needs to educate the public, especially potential exporters on the benefit of the scheme so as to enhance the participation of the business community.

What the LCCI boss is saying about CBN’s RT200 FX Programme

Praising the scheme, Almona stated that a major challenge in Nigeria’s export chain is the unstructured procedures that cause delays, corruption, and rejection of exports. She said the scheme required critical export infrastructure, international trade diplom and adequate funding to succeed.

“These facilities should be well directed to process targeted products in which Nigeria has some comparative advantage such as sesame, cashew, cocoa into finished goods.

“The reason for the low FX revenue from exports is due to the export of primary unprocessed commodities.

“Nigeria must take bold steps to establish a trading system that supports the seamless flow of trade.

“It must establish the necessary infrastructure, create needed awareness toward exploring the African Continental Free Trade Area (AfCFTA),” she said.