The Central Bank of Nigeria (CBN) on Friday directed all banks in the country to begin funding the focal commodities under the Export Facilitation Initiative (EFI).
Under the initiative, the focal commodities for value chain development would be cocoa, cashew, palm oil, sesame seeds and shea.
In a circular signed by Kevin Amugo, director, financial policy and regulation department, the CBN stated that the commodities are to be funded under the approved guideline of Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS), Non-Oil Export Stimulation Facility (NESF), and Real Sector Support Facility-Differentiated Cash Reserves Requirement ((RSSF-DCRR) in line with the approved limits in the Export Facilitation Initiative Funding Framework (EFIFF).
The Bankers Committee had at its 343rd meeting held in April 2019 approved the commencement of EFI to complement government efforts to gender growth in the non-oil sector of the economy as well as enhance foreign earnings and employment generation.
The CBN said in the circular that the detailed operational requirements for the initiative would be released in due course.
HOPE MOSES-ASHIKE
HOPE MOSES-ASHIKE
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
