BENEFIT FROM THE NIGERIAN GOVERNMENT EXPORT FACILITATION SCHEME ON PALM OIL, CASHEW, COCOA, SESAME SEED AND SHEA BUTTER
In a circular, the apex bank said EFI was part of government’s efforts to develop the non-oil sector of the economy and to increase foreign earnings and employment rate. “The Bankers’ Committee at its 343rd Meeting held on April 4, 2019 approved the commencement of the Export Facilitation Initiative (EFI) to complement government’s efforts to engender growth in the non-oil sector of the economy as well as enhance foreign earnings and employment generation,” the circular read. “Under the initiative, the focal commodities for value chain development would be cashew, cocoa, palm oil, sesame seed and shea. “The commodities are to be funded under the approved guidelines of AGSMEIS (Agricultural/Small and Medium Enterprises Investment Scheme), NESF (Non-Oil Export Stimulation Facility) and RSSF-DCRR (Real Sector Support Facility- Differentiated Cash Reserves Requirement) in line with the approved limits in the Export Facilitation Initiative Funding Framework (EFIFF).