The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, has
said the CBN will probe all undocumented export transactions in
order to recover any export revenue the government may have lost as
a result of such illegal activities.
Emefiele stated this in Lagos at a meeting with non-oil
exporters and where the bank also relaunched its N550bn export
facilities.
The N550bn export facilities consist of the CBN N500bn Export
Stimulation Loan and the Nigeria Export-Import Bank N50bn Direct
Intervention Fund.
The CBN governor said the decision to come up with the two
export facilities followed the Central Bank’s efforts to energise
the non-oil export revenue due to the drop in crude oil prices.
He also said the action would lead to an increase in job
creation and boost economic growth.
Emefiele said, “It is true that banks and exporters are being
accused of non-remittance of export proceeds. Let me say that in
terms of value, I don’t have how much it is.
“They have agreed that there are some levels of undocumented
export and I have told them that we are going to dig out those
numbers; and once we dig those numbers out, whatever may have been
lost by way of revenue to the government in this process would be
realised.”
On the N550bn export facilities, Emefiele said the NEXIM Bank,
the CBN Development Finance Department, and the Agriculture Office
of the CBN governor had been mandated to come up with a framework
for the disbursement of the funds.
According to the CBN governor, the N550bn Export Stimulation
Facility and the NEXIM Bank N50bn Direct Intervention Fund would
focus on the export of cash crops such as cocoa, sesame seeds,
rubber, and solid mineral
Emefiele said, “In the last two years, the country’s revenue has
dropped and the CBN and the Federal Government have been thinking
of various means to create other means of survival for the country
rather than just rely on oil.
“It all stems from the call from Mr. President that there is a
need for us to diversify our economy away from oil. Doing this
means that we have to look at other areas through which we can
source foreign exchange for the country.
“We keep saying that there was a time in this country when we
survived solely on the export revenue from agriculture.
“The basic issue is that we have decided to bring back to the
table the N500bn Export Stimulation Facility that we had proposed
two years ago, as well as the N50bn Direct Intervention Fund from
the Nigeria Export-Import Bank.
“This is basically going to be on an acronym that we are
reintroducing: PAVE — Produce, Add Value and Export. So we had a
lot of engagements with the exporters and we would be looking at
various products in the non-oil sector: cocoa, cashew nuts, palm
produce, sesame seeds, solid minerals and rubber.”
…builds N10bn business school in ABU
The Central Bank of Nigeria has donated a business school
building worth N8bn to the Ahmadu Bello University, Zaria in Kaduna
State.
The apex bank also set aside N2bn for the maintenance of the
facility, tagged ‘Centre of Excellence,’ for a specific number of
years.
The construction of the edifice started in 2009 and was designed
to produce postgraduate students in Economics, Accounting, Banking
and Finance, Business Administration as well as Statistics.
Graduates of the school are expected to compete with graduates
of renowned business schools around the world like Stanford, Yale
and Harvard.
The Deputy Governor, Corporate Services Directorate of the CBN,
Sulaiman Barau, presented the facility to the ABU authorities on
Saturday.
Barau said the bank’s intervention was in recognition of the
roles being played by the university towards the growth of the
economy the nation.
He said, “Education is the bedrock of economic development
everywhere in the world and the Central Bank of Nigeria appreciates
the pivotal role education plays in driving the economy.
“A key derivative of the bank’s developmental function is,
therefore, to support the educational subsector in Nigeria through
the provision of physical projects such as buildings and equipment
in schools.
“Since 2009, the CBN, in recognition of the need to build
capacity in the financial sector, embarked on the execution of
building projects in institutions of higher learning, of which
Ahmadu Bello University is one of the beneficiaries.
“The aim of the bank was to ensure that students at the
postgraduate levels in Economics, Accounting, Banking and Finance,
Business administration and Statistics study in a serene and
ambient environment that would stimulate effective learning with a
view to building human capacity for the financial services
sub-sector.”
Barau said similar centres had been built at the University of
Ibadan, and the Enugu campus of the University of Nigeria, while
three other universities would soon benefit from similar facilities
so that the projects could spread across the country’s six
geopolitical zones.
The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, has
said the CBN will probe all undocumented export transactions in
order to recover any export revenue the government may have lost as
a result of such illegal activities.
Emefiele stated this in Lagos at a meeting with non-oil
exporters and where the bank also relaunched its N550bn export
facilities.
The N550bn export facilities consist of the CBN N500bn Export
Stimulation Loan and the Nigeria Export-Import Bank N50bn Direct
Intervention Fund.
The CBN governor said the decision to come up with the two
export facilities followed the Central Bank’s efforts to energise
the non-oil export revenue due to the drop in crude oil prices.
He also said the action would lead to an increase in job
creation and boost economic growth.
Emefiele said, “It is true that banks and exporters are being
accused of non-remittance of export proceeds. Let me say that in
terms of value, I don’t have how much it is.
“They have agreed that there are some levels of undocumented
export and I have told them that we are going to dig out those
numbers; and once we dig those numbers out, whatever may have been
lost by way of revenue to the government in this process would be
realised.”
On the N550bn export facilities, Emefiele said the NEXIM Bank,
the CBN Development Finance Department, and the Agriculture Office
of the CBN governor had been mandated to come up with a framework
for the disbursement of the funds.
According to the CBN governor, the N550bn Export Stimulation
Facility and the NEXIM Bank N50bn Direct Intervention Fund would
focus on the export of cash crops such as cocoa, sesame seeds,
rubber, and solid mineral
Emefiele said, “In the last two years, the country’s revenue has
dropped and the CBN and the Federal Government have been thinking
of various means to create other means of survival for the country
rather than just rely on oil.
“It all stems from the call from Mr. President that there is a
need for us to diversify our economy away from oil. Doing this
means that we have to look at other areas through which we can
source foreign exchange for the country.
“We keep saying that there was a time in this country when we
survived solely on the export revenue from agriculture.
“The basic issue is that we have decided to bring back to the
table the N500bn Export Stimulation Facility that we had proposed
two years ago, as well as the N50bn Direct Intervention Fund from
the Nigeria Export-Import Bank.
“This is basically going to be on an acronym that we are
reintroducing: PAVE — Produce, Add Value and Export. So we had a
lot of engagements with the exporters and we would be looking at
various products in the non-oil sector: cocoa, cashew nuts, palm
produce, sesame seeds, solid minerals and rubber.”
…builds N10bn business school in ABU
The Central Bank of Nigeria has donated a business school
building worth N8bn to the Ahmadu Bello University, Zaria in Kaduna
State.
The apex bank also set aside N2bn for the maintenance of the
facility, tagged ‘Centre of Excellence,’ for a specific number of
years.
The construction of the edifice started in 2009 and was designed
to produce postgraduate students in Economics, Accounting, Banking
and Finance, Business Administration as well as Statistics.
Graduates of the school are expected to compete with graduates
of renowned business schools around the world like Stanford, Yale
and Harvard.
The Deputy Governor, Corporate Services Directorate of the CBN,
Sulaiman Barau, presented the facility to the ABU authorities on
Saturday.
Barau said the bank’s intervention was in recognition of the
roles being played by the university towards the growth of the
economy the nation.
He said, “Education is the bedrock of economic development
everywhere in the world and the Central Bank of Nigeria appreciates
the pivotal role education plays in driving the economy.
“A key derivative of the bank’s developmental function is,
therefore, to support the educational subsector in Nigeria through
the provision of physical projects such as buildings and equipment
in schools.
“Since 2009, the CBN, in recognition of the need to build
capacity in the financial sector, embarked on the execution of
building projects in institutions of higher learning, of which
Ahmadu Bello University is one of the beneficiaries.
“The aim of the bank was to ensure that students at the
postgraduate levels in Economics, Accounting, Banking and Finance,
Business administration and Statistics study in a serene and
ambient environment that would stimulate effective learning with a
view to building human capacity for the financial services
sub-sector.”
Barau said similar centres had been built at the University of
Ibadan, and the Enugu campus of the University of Nigeria, while
three other universities would soon benefit from similar facilities
so that the projects could spread across the country’s six
geopolitical zones.
Read more https://www.nairalaw.com/cbn-probes-export-deals-relaunches-n550bn-fund/