• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 29, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Nigeria to earn $200bn from non-oil exports

Earning

The Matters Press by The Matters Press
February 11, 2022
Reading Time: 2 mins read
0
Africa’s remittance inflows hit $72b

Dollars

The Central Bank of Nigeria (CBN) has announced policies, plans and programmes for non-oil exports that will enable Nigeria earn 200 billion dollars in foreign exchange repatriation.

RELATED POSTS

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

Tinubu succeeding where Obasanjo failed woefully, says TMSG

The CBN Governor, Mr Godwin Emefiele, made the announcement virtually at post-Bankers’ Committee news briefing on Thursday to unveil new initiatives to boost the Nigerian economy.

Emefiele said the measure became imperative due to the fact that the export of primary unprocessed commodities does not yield much in foreign exchange.

He said that the country would not continue to put all its hopes on earnings from crude oil.

Emefiele said that even if the country depended on crude oil, it would not again be a source with which she earns foreign exchange to fund her foreign exchange import obligations.

“After careful consideration of the available options and wide consultations with the banking community, the CBN is, effective immediately, announcing the Bankers’ Committee “RT200 FX Programme”, which stands for the “Race to US$200 billion in FX Repatriation.

“The RT200 FX Programme is a set of policies, plans and programmes for non-oil exports that will enable us attain our lofty yet attainable goal of 200 billion dollars in FX repatriation, exclusively from non-oil exports, over the next three to five years,” he said.

Emefiele said that the RT200 Programme would have the following five key anchors: value-adding exports facility, non-oil commodities expansion facility, non-oil FX rebate scheme, dedicated non-oil export terminal, and biannual non-oil export summit.

“In order to avoid these sudden adjustments to our economic life, we need to focus on strategies that can help us earn more stable and sustainable inflows of foreign exchange,” he said.

The CBN governor said, however, that he was resolute and determined that Nigeria could achieve her goal saying though, it may appear unattainable to some.

Emefiele noted that many countries that much less endowed than Nigeria were doing it expressing the believe that Nigeria could as well do so if not more.

He said: “Consider for example that agriculture exports alone from the Netherlands was about $120 billion last year. Yet, Netherlands has a land mass of about 42,000 square kilometers, which is much smaller that the land mass of Niger State alone, at over 76,000 square kilometers.”

He explained that the RT200 Programme was not intended to be a silver bullet to all of Nigeria’s problems in the export segment of the economy.

Emefiele said that the programme was a first step meant to ensure that the CBN was better able to carry out its mandate in an effective and efficient manner.

This, he said, would guarantee preservation of our scarce commonwealth, and the stability of thr national’s currency, the Naira.

“It is only by boosting productive and earnings capacity of this economy that we can truly preserve the long-term value of our currency, as well as the stability of our exchange rate,” Emefiele said.

Tags: Dollars
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria regains top crude oil production spot in Africa
Energy

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

August 28, 2025
Who is lying, Obasanjo or NAN?
News

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

August 28, 2025
Obasanjo campaigns for AfCFTA
News

Tinubu succeeding where Obasanjo failed woefully, says TMSG

August 28, 2025
Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Next Post
China’s commerce ministry to promote services trade

China’s commerce ministry to promote services trade

ECOWAS clamours for free movement

ECOFAIRS to boost regional trade, entrepreneurship

Recommended Stories

Nigeria, China strategic partnership key to Africa’s development – Shettima

Creative, entertainment industry benefits from $618m intervention – Shettima

December 14, 2023
Tinubu commits to economic reforms as Nigeria marks democracy day

TINUBU’S REFORMS ESCHEW POPULISM, SALVAGING ECONOMY FROM VENEZUELA-LIKE DISASTER

November 3, 2024
2023 maritime, shipping outlook force experts to call for aid

2023 maritime, shipping outlook force experts to call for aid

February 10, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals
  • ‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient
  • Tinubu succeeding where Obasanjo failed woefully, says TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us