Export Facilitation Initiative
The Bankers' Committee at its 343rd meeting held on April 4, 2019, approved the commencement of the Export Facilitation Initiative (EFI) to complement government efforts to engender growth in the non-oil sector of the economy, as well as enhance foreign exchange earnings and employment generation. Under the initiative, the local commodities for value chain development would be cashew, cocoa, palm oil, sesame and shea. The commodities are to be funded under the approved guidelines of Agricultural/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).
MANAGING AGENT: PFI's :
HOW TO APPLY Obligors apply through Participating Financial Institution.
GUIDELINES: As in the existing DCRR-RSSF, NESF and AGSMEIS Guidelines
Frequently Asked Questions (FAQs)
| S/N | Questions | Answers |
|---|---|---|
| 1 | What is the main objective of the Intervention? | To complement government effort by creating growth in the non-oil sector of the economy, to enhance foreign earnings and employment generation as well as to encourage the commercial or large-scale production. |
| 2 | What is the interest rate on the facility? | 9%. |
| 3 | Who are the eligible Participating Financial Institutions (PFIs)? | Deposit Money Banks (DMBs). |
| 4 | What are the procedures for application? | Submission of request to the CBN through Participating Financial Institution (PFI). |
| 5 | What is the maximum amount that can be assessed under the Facility? | (a) ₦10 Billion (If funded under RSSF-DCRR) (b) ₦5 Billion (If funded under NESF) (c) ₦3 Million (If funded under AGSMEIS) |
| 6 | What is the tenor of the facility? | Working Capital (1 year) with option of roll-over once. |