{"id":147372,"date":"2022-02-11T13:32:59","date_gmt":"2022-02-11T12:32:59","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=147372"},"modified":"2022-02-11T13:32:59","modified_gmt":"2022-02-11T12:32:59","slug":"cbn-introduces-new-initiative-to-generate-200bn-from-non-oil-exports","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/02\/11\/cbn-introduces-new-initiative-to-generate-200bn-from-non-oil-exports\/","title":{"rendered":"CBN introduces new initiative to generate $200bn from non-oil exports"},"content":{"rendered":"<p>The Central Bank of Nigeria (CBN) has introduced a new initiative to generate $200 billion from non-oil exports and increase foreign reserves.<\/p>\n<p><span data-preserver-spaces=\"true\">The initiative \u2018Race to $200 billion in FX Repatriation (RT200FX) Programme\u2019 will stimulate non-oil exports with a $200 billion FX income target in the next three to five years, according to the apex bank.<\/span><\/p>\n<p>This was disclosed on Thursday by the CBN governor, <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/11\/cbn-to-stop-dollar-sales-to-banks-godwin-emefiele\/\">Godwin Emefiele<\/a> at a <span data-preserver-spaces=\"true\">press conference in Abuja after consultation with the Bankers\u2019 Committee.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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\u2019s foreign exchange value chain.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cGiven 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,\u201d Emefiele said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe second facility is the non-oil commodities expansion facility. This facility will also be a concessionary facility designed to specifically post local production of exportable commodities. It will ensure that expanded and new factories that are financed by the value-added facility are not starved of inbuilt raw commodities in their production cycle.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cA massive boost into such commodities will also endow and moderate the prices of those commodities so much that the expected increase in the demand for them will not become a pressure for aggregate prices in the market.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Emefiele said there are enormous benefits attached to facilities in the RT200 programme.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIt will ensure that expanded and new factories that are financed by the value-added facility are not starved of inbuilt raw commodities in their production cycle,\u201d Emefiele added.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cA massive boost into such commodities will also endow and moderate the prices of those commodities so much that the expected increase in the demand for them will not become a pressure for aggregate prices in the market.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe believe that the biannual non-oil summit will help us achieve our ultimate goal of $200 billion in non-oil export in the next three to five years.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe RT200 programme is not intended to be a silver bullet to all our problems in the economy, rather, it is the first step to ensure that the CBN can carry out its mandate effectively and efficiently, which guarantees the preservation of our scarce commonwealth and the stability of our national currencies, the naira and the stability of our foreign exchange.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He, however, said there is a need for accessible ports and urged the state governments to play their roles in ensuring a structured export terminal.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u2018Race to $200 billion in FX Repatriation (RT200FX) Programme\u2019 will stimulate non-oil exports with a $200 billion FX income target in the next three to five years, according to the apex [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":141385,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[658,29847,3108,22230],"class_list":["post-147372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cbn","tag-fx-repatriation-rt200fx-programme","tag-godwin-emefiele","tag-non-oil-exports"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBN introduces new initiative to generate $200bn from non-oil exports<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN) has introduced a new initiative to generate $200 billion from non-oil exports and increase foreign reserves.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/11\/cbn-introduces-new-initiative-to-generate-200bn-from-non-oil-exports\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN introduces new initiative to generate $200bn from non-oil exports\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) has introduced a new initiative to generate $200 billion from non-oil exports and increase foreign reserves. 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