CBN to implement N500bn facility to support non oil export growth

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In its effort to improve Foreign Exchange Inflows, Central Bank of Nigeria (CBN) is set to aggressively implement N500 billion facility to support the growth of non oil exports in the country.

The CBN, Governor, Godwin Emefiele who disclosed this in Lagos at one day summit organised by Vanguard newspaper in collaboration with CBN and bankers committee said CBN intends to support measures that will improve the nation’s non-oil export earnings significantly.

He said that the apex bank will as well encourage exporters to repatriate their export proceeds as stipulated under our extant laws.

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Admitting that the agriculture sector was a key driver in taking the Nigerian economy away from negative growth in the fouth quarter of 2020, he said that it is necessary for Nigeria to only sustain measures aimed at increasing productivity of the sector, but also ensure that we continue to produce items that can be produced locally rather than resorting to imports of these items.

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