CBN introduces new initiative to generate $200bn from non-oil exports

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The Central Bank of Nigeria(CBN) has introduced a new initiative to generate $200 billion from non-oil exports and increase foreign reserves.

The initiative ‘Race to $200 billion in FX Repatriation (RT200FX) Programme’ will stimulate non-oil exports with a $200 billion FX income target in the next three to five years, according to the apex bank.

Gowin Emefiele, CBN governor, disclosed this yesterday at a press conference in Abuja after consultation with the Bankers’ Committee.

He said the programme would be operated through different facilities such as value-added export facility, non-oil commodities expansion facility, non-oil FX rebate scheme and biannual non-oil export summit.

He added that due to the large disparities between the exporters of raw commodities and exporters of semi-finished products, CBN would be adopting schemes and facilities that would help boost Nigeria’s foreign exchange value chain.

“Given these alarming disparities between the exporters of raw commodities and exporters of semi-finished products, we believe that the value-added export facility is the first step of getting back some of the foreign exchange that we rightly deserve. Indeed we believe that this facility will also accommodate e-commerce business,” Emefiele said.