February 10, 2022

CBN targets $200bn non-oil export revenue

CBN targets $200bn non-oil export revenue

*… to fund dedicated non-oil port terminals, offers 10-yr loans at 5%

By Emma Ujah, Abuja Bureau Chief

Determined to frontally address inadequate foreign exchange in the economy, the Central Bank of Nigeria (CBN) has announced an initiative named, RT200 Programme, to stimulate non-oil exports, with a $200 billion FX income target in the next three to five years.

The CBN Governor, Mr. Godwin Emefiele, announced the initiative at the end of the Bankers’ Committee meeting, in Abuja, this afternoon.

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Under the programme, the CBN, working with the Money Deposit Banks, is to fund the construction of dedicated non-oil export terminals, to eliminate the delays currently experienced by exporters.

It would also provide loans to companies for value-addition and production of finished goods for export at five percent for a 10-year period, with two years of moratorium.    

 Other key features of the programme, according to the CBN boss, included Non-Oil Commodities Expansion Facility; Non-Oil FX Rebate Scheme; and Biannual Non-Oil Export Summit.

Rather than exporting raw cocoa, with minimal export proceeds, Mr. Emefiele said that his team would fund companies to produce chocolate in-country.

He said that cashew processing, currently at a mere 5 per cent of the nation’s production, as well as, sesame seeds processing would be prioritised.

Vanguard News