Emefiele said the measure became imperative because the export of unprocessed basic products could not earn much in foreign exchange.
He said that the country will not continue to pin all its hopes on oil profits.
Emefiele said that even if the country depended on oil, it would no longer be a source through which it obtains foreign currency to finance its foreign exchange import obligations.
“After careful consideration of available options and extensive consultation with the banking community, the CBN is effective immediately announcing the Bankers Committee “RT200 FX Program” which represents the “Race to $200 Billion in currency repatriation.
“The RT200 FX Program is a set of policies, plans and programs for non-oil exports that will enable us to achieve our lofty but achievable goal of US$200 billion in foreign exchange repatriation, exclusively from non-oil exports, over the next three years. five years,” he said.
Emefiele said that the RT200 Program would have the following five key pillars: value-added export facility, non-oil commodity expansion facility, non-oil foreign exchange rebate scheme, dedicated non-oil export terminal and bi-annual non-oil export summit. .
“To avoid these sudden adjustments in our economic life, we must focus on strategies that can help us obtain more stable and sustainable foreign exchange inflows,” he said.
The CBN Governor said, however, that he was resolute and determined that Nigeria could achieve its goal, although to some it might seem unattainable.
Emefiele pointed out that many countries far less gifted than Nigeria were doing it, and believed that Nigeria could do it, if not more.
He said: “Consider, for example, that agricultural exports from the Netherlands alone were about US$120 billion last year. However, the Netherlands has a land mass of about 42,000 square kilometers, which is much smaller than the land mass of Niger alone, at over 76,000 square kilometers.”
He explained that the RT200 Program was not intended to be a silver bullet for all of Nigeria’s problems in the export segment of the economy.
Emefiele said the program was a first step in ensuring that the CBN could carry out its mandate effectively and efficiently.
This, he said, would ensure the preservation of our rare commonwealth and the stability of the nation’s currency, the Naira.
“It is only from this economy that we can truly preserve the long-term value of our currency, as well as the stability of our exchange rate,” Emefiele said.