CBN invest N500bn on non-oil export

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Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has finalised arrangement with Nigeria Export-Import Bank (NEXIM) to assist local manufacturers who are interested in non-oil exports, according to its governor, Mr Godwin Emefiele.

Emefiele announced this at a seminar for Finance Correspondents and Business Editors, held in Uyo, Akwa Ibom on Monday.

He was represented by the Deputy Governor and Head of Corporate Communication of the apex bank, Mr Edward Adamu.

Emefiele said the bank had repositioned itself to improve the economy after exiting recession.

“In order to continue our gains in local production and help boost non-oil exports, we are in the process of finalising the creation of a N500 billion fund with the Nigeria Export-Import Bank (NEXIM) to assist local manufacturers interested in non-oil exports.

“In the area of Development Finance, the bank will continue to provide access to much-needed credit to sectors with the potential to create jobs on a mass scale.

“In this regard, we will explore opportunities to expand the Anchor Borrowers’ Programme to other crops and states,’’ Emefiele said.

He added that the Monetary and Exchange Rate Policy of CBN would sustain the tight policies that have helped reduced inflationary pressures.

According to him, this is the reason the CBN has kept the Monetary Policy Rate (MPR) at 14 per cent.

He said that the inflationary pressure would continue to ease, stressing that this might return to very low double digit or high single digit levels during the year.

He assured that foreign reserves would continue to grow following recent accretion to about US$50 billion later this year.

Earlier, the Branch Controller of CBN in Uyo, Mr Okafor Nwokoro, said the bank had been in the forefront of advancing the frontier of knowledge in all spheres of national life and promoting sustainable economic development.

According to him, the CBN has ensured monetary and price stability, maintain external reserves to safeguard the international value of the legal currency.

He said that the bank intervention in anchor borrower’s programme has revolutionised the production of rice in the country.

The  theme of the seminar is: “Sustaining Economic Growth beyond Recession Exit”.

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