CBN disburses N21bn to boost cocoa, sesame exports

Factual Pursuit of Truth for Progress


A total of N21bn has been disbursed by the Central Bank of Nigeria towards boosting the production and export of cocoa and sesame seeds.

This was made public by the CBN Governor, Godwin Emefiele, at the recently held Monetary Policy Committee, while reviewing the performance of its intervention schemes targeted at stimulating productivity in agriculture, manufacturing, industries, energy, and infrastructure, healthcare, exports and small businesses.

Emefiele said, “The bank released the sum of N21bn under the Export Facilitation Initiative, for three projects in domestic production and value addition of cocoa and sesame seed.

“This intervention is targeted at further expansion of the economy’s non-oil export basket towards improving foreign exchange revenue earnings for the country.”

The CBN approved the commencement of the EFI in a circular to all banks in 2019 to complement the government’s efforts to engender growth in the non-oil sector of the economy as well as enhance foreign earnings and employment generation.

Under the initiative, the local commodities for value chain development were cashew, cocoa, palm oil, sesame seed, and shea.

The funding is meant to increase capacity in the industry for export and foreign exchange generation.


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