Nigeria: CBN Targets $4bn Non Oil Exports Revenue in 2020

2 December 2019

The Central Bank of Nigeria, CBN, said it would intensify policy measures to achieve $4 billion in non-oil exports revenue in 2020.

This represents 100 percent growth when compared with $2 billion non-oil exports revenue achieved in 2019.

CBN Governor, Mr. Godwin Emefiele, disclosed this in Lagos while unfolding policy priorities of the apex bank in his keynote address at the 2019 Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria, CIBN.

Emefiele said that the 100 percent growth in non oil exports is part of efforts aimed at protecting the Nigerian economy from global macroeconomic headwinds.

Noting improvements in the economy, as reflected by the growth in Gross Domestic Product, GDP, in the third quarter of 2019, stable exchange rate, moderation in inflation rates, improved soundness of the financial system and increased lending to the economy, Emefiele stressed that the country is still vulnerable to global macroeconomic headwinds caused by trade tensions between United States and China, and the continued uncertainties over Brexit.

In addition to the global headwinds, Emefiele noted the challenge of weak growth, with little impact on unemployment and the continued dependence on crude oil as major source of government revenue and foreign exchange.

Given these challenges, he stressed the need for measures that will drive domestic productivity and diversify the nation's export base.

In this respect, Emefiele said the CBN in 2020 will support greater economic growth, price and exchange rate stability through a series of policies which include measures to grow the nation's non oil exports to $4 billion in 2020.

He said: "We intend to address some of the barriers faced by non-oil exporters in producing goods for the export market. Working with the Nigerian Export Import Bank, we will work to improve access to the N500 billion facility designed to support the growth of Nigeria's non-oil exports. Part of our emphasis will be on increasing export of value-added goods relative to raw materials.

Firms that have access to these facilities, would be able to obtain loans at single digits. This would enable them to expand their production lines and improve the quality of their products, so that they can compete effectively with their peers from other parts of the world."

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