(Ecofin Agency) - The Central Bank of Nigeria will intensify its policy measures to reach $4 billion in non-oil revenues next year, Governor Godwin Emefiele (pictured) announced last weekend. This is double the non-oil export revenue achieved this year ($2 billion).

According to him, the target aligns with the government’s strategy to protect the Nigerian economy from global “macroeconomic headwinds” since the country is particularly exposed to economic fluctuations in the world market due to its excessive dependence on oil, its main export product.

“We intend to address some of the barriers faced by non-oil exporters in producing goods for the export market. Working with the Nigerian Export-Import Bank, we will improve access to the N500 billion facility designed to support the growth of Nigeria's non-oil exports. Part of our emphasis will be on increasing export of value-added goods relative to raw materials,” the governor said.

Last February, the government announced its “Made in Nigeria for Exports” program that aims to generate $30 billion a year from the export of Made in Nigeria products.

Moutiou Adjibi Nourou