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CBN Targets $200bn Non-Oil Export Revenue …As Nigeria Loses N60bn Yearly To Lack Of LID
Determined to frontally address inadequate foreign exchange in the economy, the Central Bank of Nigeria (CBN) has announced an initiative named, RT200 Programme, to stimulate non-oil exports, with a $200billion FX income target in the next three to five years.
The CBN Governor, Mr. Godwin Emefiele, announced the initiative at the end of the Bankers’ Committee meeting, in Abuja, yesterday.
Under the programme, the CBN, working with the Money Deposit Banks, is to fund the construction of dedicated non-oil export terminals, to eliminate the delays currently experienced by exporters.
It would also provide loans to companies for value-addition and production of finished goods for export at 5percent for a 10-year period, with two years of moratorium.
Other key features of the programme, according to the CBN boss, included Non-Oil Commodities Expansion Facility; Non-Oil FX Rebate Scheme; and Biannual Non-Oil Export Summit.
Rather than exporting raw cocoa, with minimal export proceeds, Emefiele said that his team would fund companies to produce chocolate in-country.
He said that cashew processing, currently at a mere 5per cent of the nation’s production, as well as, sesame seeds processing would be prioritised.
Meanwhile, the Cocoa Farmers Association of Nigeria (CFAN), yesterday, said Nigeria loses N60billion annually to the non-existence of Living Income Differential (LID) for producers of the cash crop in the country.
According to the organisation, Nigeria has the potential to reclaim its position as the second largest producer of cocoa in the world and solve its foreign exchange woes through a mechanism that encourages help producers earn a living wage.
CFAN’s President, Mr. Adeola Adegoke, stated these during a workshop jointly organised in Abuja by the University of Ibadan and the Agricultural Policy Research in Africa (APRA) with the theme: ‘Cocoa Commercialisation in Nigeria: Issues, Prospects and Policy Requirements’.
He lamented that because of the global oversupply of cocoa many producers in the country receive a woefully low share of cocoa revenues; hence, live in extreme poverty.
Adegoke noted that the cocoa sectors in Ghana and Côte d’Ivoire establish fixed ‘floor’ price of cocoa annually and applies a ‘differential’ of US$400/tonne above the floor price to increase income for cocoa producers to help them achieve a living income.
He said, “In the 1960s, we were the number two highest producers of cocoa in the world. We were producing 590,000 metric tonnes and with this potential, the Western Regional Government was being run with this money.
“As of today, Ivory Coast is producing about 2.5million metric tonnes of cocoa. Ghana is producing about 800,000 – 1million tonnes of cocoa; but when you look at what Nigeria is producing side-by-side with our land resources and number of cocoa farmers that we have, it is clear, we can surpass what these two countries are producing combined. That is why, as smallholder farmers, we have been able to analyse the challenges responsible for our low productivity.
“In Ivory Coast, they produce nothing less than 800-1000kg of cocoa per hectare, but in Nigeria, it is an average of 350-400kg per hectare. This is unacceptable, because it made Nigerian cocoa farmers poorer.
“In Ghana today, each farmer collects $400 on each tonne of cocoa after the fall price. Same in Ivory Coast, and that’s why we believe that Nigeria must begin to collect Living Income Differentia (LID). The refusal to collect it makes us lose N60billion annually,” he said.
Adegoke stressed the need for the government and stakeholders to strengthen mechanisms that would increase Nigeria’s guaranteed cocoa farm gate price to encourage production.
“The indices today, especially in the last two months, show that cocoa is next to oil in terms of foreign exchange revenue in Nigeria. It means that the foreign exchange deficit we are having could be solved through the cocoa economy,” he stressed.
The Chairman, House of Representatives Committee on Agriculture Colleges, Universities and Institutions, Hon. Munir Agundi, lamented the non-implementation of the country’s cocoa policies.
“We are not going to leave policies at the ministry level anymore without being backed by the law,” he stated.
The Country Lead and Principal Investigator of APRA (Nigeria), Dr. Adeola Olajide, called for the formulation of Nigeria’s cocoa utilisation and consumption policy, adding that we must consume our own cocoa.
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Rivers Assembly Approves Fubara’s 2026–2028 MTEF
The Rivers State House of Assembly has approved the 2026–2028 Medium Term Expenditure Framework (MTEF) submitted by Governor Siminalayi Fubara.
This reaffirms the lawmakers’ commitment to enacting laws and taking legislative actions geared towards the overall development of the State.
The Assembly gave the approval during its Second Legislative Sitting of the Fourth Session held last Friday.
Speaking on the MTEF document during plenary, the House Speaker, Rt. Hon. Martin Amaewhule, noted that by the provision of Section 10(1)(b) of the Rivers State Fiscal Responsibility Law No. 8 of 2010, the MTEF ought to have been laid before the House in September 2025.
Amaewhule explained that traditionally, the document is expected to be presented four months before the commencement of the next financial year and immediately after the expiration of every three-year fiscal cycle.
He, however, stated that in the interest of the State and its people, the House considered it necessary to deliberate on the document, describing it as a precursor to the 2026 Budget Estimates.
The Speaker expressed concern that the year had already progressed significantly before the presentation of the framework.
During deliberations on the document, members examined the assumptions and projections contained in the MTEF and observed that strict adherence to the outlined fiscal parameters would ultimately serve the interest of Rivers people.
The lawmakers maintained that effective implementation of the framework would promote prudent financial management and enhance developmental planning across the State.
Following the debate and positive consideration by members, the Speaker put the question to the House and members voted overwhelmingly in support of the approval of the MTEF.
Meanwhile, during the same sitting last Friday, the House also received a petition from the Chairman of Obio/Akpor Local Government Council, Dr. Gift Worlu.
The petition was presented by the member representing Obio/Akpor Constituency II, Hon. Emilia Amadi.
According to the petition, concerns were raised over an imminent security breach, threats to lives, destruction of property and alleged forceful takeover of property by some lawless persons within parts of the Local Government Area.
Presenting the petition before the House, Hon. Amadi appealed to the lawmakers to revisit the matter and take necessary steps aimed at safeguarding lives and property in the affected communities.
The House is expected to further deliberate on the petition and consider measures to address the concerns raised in order to sustain peace and security in the area.
King Onunwor
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JUNE 12: Democracy Remains Nigeria’s Strongest Path To Unity, Progress, Says Fubara ….Extols Abiola, Wife
Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed that democracy remains the most effective system of government for Nigeria, given the country’s rich diversity of ethnic, religious, and cultural identities.
In a goodwill message to Nigerians on the occasion of the 2026 Democracy Day celebration, Governor Fubara said June 12 represents far more than a historic date; as it embodies the enduring struggle, sacrifice, and collective aspiration of Nigerians for freedom, justice, and representative governance.
The Governor extended warm felicitations to Nigerians at home and in the Diaspora, paying tribute to the heroes and heroines of the democratic struggle, particularly Chief MKO Abiola, his wife, Kudirat Abiola, and countless others whose courage and sacrifices helped secure the democratic freedoms Nigerians enjoy today.
According to him, “June 12 is a reminder of the price paid for the democracy we enjoy today. The sacrifices made by Chief MKO Abiola, Kudirat Abiola, and many other patriots who laid the foundation for the democratic journey we continue to enjoy today. Their commitment to the principle that power must ultimately reside with the people remains a source of inspiration for every generation of Nigerians.”
Governor Fubara noted that thirty-three years after the historic June 12, 1993 election, Nigeria’s democratic experiment has continued to evolve despite challenges and setbacks.
“Our democratic journey has not been without difficulties, but the resilience of our institutions and the determination of our people have kept the nation moving forward. The ability to express differing opinions, engage in constructive debate, and peacefully choose leaders through the ballot remains one of the greatest achievements of our nation,” he said.
Governor Fubara stressed that democracy provides the best framework for managing Nigeria’s diversity and transforming it into a source of national strength.
“Nigeria’s diversity should never be seen as a weakness. Properly harnessed, it is our greatest asset. Democracy offers us the opportunity to build consensus, promote inclusion, strengthen national unity, and create the conditions for sustainable development and shared prosperity,” he said.
Governor Fubara commended President Bola Ahmed Tinubu, for his commitment to the Renewed Hope Agenda and ongoing efforts aimed at economic revitalization, strengthening security, and deepening democratic institutions across the country.
He reiterated the readiness of Rivers State to continue partnering with the Federal Government in advancing policies and programmes that improve the lives of citizens through infrastructure development, job creation, enhanced security, quality education, healthcare delivery, and good governance.
The Governor further called on Nigerians, regardless of political affiliation, ethnic background, or religious belief, to use the occasion of Democracy Day to renew their commitment to the Nigerian project and the ideals that underpin democratic governance.
“Democracy must not be viewed merely as a periodic electoral exercise. It must be reflected in our daily commitment to accountability, transparency, tolerance, justice, respect for the rule of law, and responsible leadership. As citizens and leaders, we all share a collective responsibility to strengthen our democracy and build a nation that future generations will be proud to inherit,” he said.
Governor Fubara expressed optimism about Nigeria’s future, urging citizens to remain united, hopeful, and committed to the values of peace, dialogue, and national development.
“Together, we can build a stronger, more inclusive, and more prosperous Nigeria where every citizen has the opportunity to thrive and contribute meaningfully to national progress,” he said.
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Fubara Reaffirms Commitment To Peace, Development
Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed the unwavering commitment of his administration to peace, unity, security, and inclusive development as Rivers State marked its 59th anniversary, last Wednesday.
In a goodwill message issued on Wednesday to commemorate the anniversary, Governor Fubara stated that despite the challenges faced over the years, the people of Rivers State have continued to demonstrate resilience, strength, and an enduring spirit of unity that has sustained the state since its creation.
The Governor noted that the strong bond of brotherhood among the various ethnic nationalities of the state, including the Ijaw, Ikwerre, Ogoni, Etche, Ekpeye, Andoni, Kalabari, and others, remains one of Rivers State’s greatest strengths and a critical foundation for peace, stability, and progress.
He further observed that Rivers State has remained a major driver of Nigeria’s economy for decades, not only because of its abundant oil and gas resources, but also because of the exceptional contributions of its people across diverse sectors including academia, jurisprudence, business, entertainment, public service, and sports.
Governor Fubara assured the people that his administration will continue to prioritize policies and programmes that promote peace, protect lives and property, and expand development across all parts of the state. He emphasized that governance must be people centered and impactful, with equal attention given to every Local Government Area of the state.
The Governor also paid tribute to the elders and founding leaders of the state for preserving the spirit of unity and coexistence over the years, while urging the youths to remain hopeful, responsible, and actively committed to building a greater Rivers State through innovation, hard work, and patriotism.
He equally acknowledged the invaluable role of women in strengthening families, communities, and society, describing them as indispensable partners in the continued growth and stability of the state.
Governor Fubara called on all Rivers people to use the occasion of the anniversary as a moment of reflection and renewed commitment to peaceful coexistence, mutual respect, dialogue, and collective progress, stressing that the unity and future of Rivers State must always rise above personal interests and political differences.
Rivers State was created on May 27, 1967, by General Yakubu Gowon.
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