Headlines
CBN announces new programme to attract $200bn foreign exchange annually

By Matthew Eloyi
The Central Bank of Nigeria (CBN) has launched a foreign exchange programme endorsed by the Bankers’ Committee to assist the country in repatriating $200 billion in foreign currency per year.
At the post-Bankers’ Committee meeting in Abuja on Thursday, CBN Governor, Godwin Emefiele revealed the idea dubbed “RT200 FX scheme.”
The move comes as part of the country’s aggressive effort to boost foreign exchange earnings.
Foreign exchange crunch is depleting the value of the naira as well as the Nigerian foreign exchange reserves.
Nigeria earns foreign currency from foreign portfolio and direct investment, crude oil import receipts, diaspora remittances, and export proceeds.
The sources were badly hit by the Covid-19 pandemic in 2020 and Nigeria has not recovered fully from the negative impact of the crisis.
Emefiele said, “For the inadequacy of FX supply and the constant pressure on the exchange rate, we believe that the lessons we have learnt from our policies on remittances can be applied in improving some aspects of our FX inflow into the country.
Emefiele lamented that the four sources are unreliable as they are prone to global economic developments.
In his words, “We have all been witnesses to the ever-changing fortunes of oil exporting countries. In order to avoid these sudden adjustments to our economic life, we need to focus as a nation on strategies that can help us gain more stable and sustainable foreign exchange inflows into our country.
“After careful consideration of the available options and the wide consultation of the banking community, the CBN is effectively announcing the Bankers Committee RT200 FX Programme which stands for the ‘Race to $200bn in FX’ repatriation into Nigeria.
“The RT200 FX programme is the set of policy plans and programmes for non-oil exports that will enable us attain a lofty yet attainable goal of $200bn in FX repatriation exclusively from non-oil exports over the next three to five years and we are optimistic that this can be achieved.”
Emefiele disclosed that the RT200 FX programme will have five key anchors which include: value adding exports facility; non-oil commodities expansion facility; non-oil FX rebate scheme; dedicated non-oil export terminal and bi-annual non- oil export summit.
He said “the value adding exports facility will provide stationary and long-term funding for business people who are interested in expanding existing plants or building brand new ones for the sole purpose of adding significant value to our non-oil commodities before exporting the same abroad.”
The CBN Governor said this is because Nigeria has missed out in the foreign exchange that could be generated from the export of value added commodities.
For instance, Emefiele said Nigeria produces about 770,000MT of sesame seed, cashew and cocoa and only 12,000MT are consumed locally, while the rest are exported.
“The unfortunate thing is that out of the 758,000MT that are exported annually, only 16.8 per cent is processed. The rest are exported as raw sesame, raw cocoa and raw cashew, thereby giving Nigerian farmers an infinitesimal part of the value chain in this product,” said the CBN boss.
Headlines
China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).
The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.
Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.
The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.
Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.
Headlines
Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan’s Trade Office Claims

Rep. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China-Nigeria Parliamentary Relations, has reiterated Nigeria’s firm commitment to the One-China Policy, following recent comments by Taiwan’s Trade Mission Head in Nigeria, Andy Yih-Ping Liu.
Speaking in Abuja on Tuesday, Yakubu firmly declared that Nigeria continues to recognize Taiwan as an integral part of the People’s Republic of China. He rejected Liu’s claim that Taiwan was not part of China, labelling it as “propaganda” aimed at undermining the strong diplomatic ties between Nigeria and China.
“For the record, United Nations General Assembly Resolution 2758, adopted in 1971, recognised the People’s Republic of China as the sole legitimate representative of all of China, including Taiwan,” Yakubu stated. “The One-China Policy remains the cornerstone of China-Nigeria relations.”
He emphasized that since Nigeria and China established diplomatic ties in 1971, the country has consistently upheld this principle. “Efforts by Taiwan’s trade office to challenge this stance are futile and will not succeed,” Yakubu added.
Yakubu criticized Liu’s comments as an attempt to draw Nigeria into China’s internal matters, accusing the Taiwanese official of deliberately sowing discord and provoking a diplomatic rift. “Nigeria’s relationship with China is built on mutual respect and non-interference in each other’s political matters,” he said.
In response to Liu’s claim that China acted as a bully, Yakubu pointed to the positive trajectory of Nigeria-China relations. “Contrary to these baseless assertions, Nigeria has enjoyed a mutually beneficial partnership with China, yielding tangible results for both nations. Since 1971, our ties have grown significantly.”
He highlighted the strategic nature of the partnership, referencing the elevation of the relationship to a Comprehensive Strategic Partnership during the 2024 FOCAC Summit in Beijing. “Today, Nigeria stands as China’s second-largest trading partner in Africa, with bilateral trade surpassing 20 billion dollars,” Yakubu noted.
Furthermore, Yakubu praised China’s role in Nigeria’s infrastructural development, with investments in sectors such as rail networks, roads, ports, power stations, and water treatment facilities.
Headlines
Shettima Warns Media Against Romanticising National Challenges

Vice President Kashim Shettima has cautioned Nigerian media practitioners against the growing tendency to romanticise serious national issues, describing the trend as a dangerous departure from the media’s constitutional duty of promoting truth and accountability.
Represented by his Special Adviser on Special Duties, Modibbo Umar, the Vice President issued the warning on Tuesday while delivering a speech at the 17th LEADERSHIP Conference and Awards held at the Old Banquet Hall of the State House, Abuja.
“We must resist the temptation to romanticise serious national issues or frame them in ways that distort public understanding,” Shettima said. “Doing so only weakens the fabric of our democracy and derails our collective efforts at nation-building.”
The Vice President’s remarks came as stakeholders in governance, business, and civil society gathered to reflect on the theme of the event, “Challenges and Opportunities in Nigeria’s Fiscal Federalism.” The conference provided a platform for thoughtful engagement on some of the country’s most pressing issues, with a focus on the responsibilities of leadership at all levels.
Shettima also used the occasion to commend LEADERSHIP Newspapers Group for its consistent contributions to national discourse and its commitment to celebrating excellence in leadership.
“I commend LEADERSHIP Newspaper for the vision to convene this vital discourse and for shining the light on those who have chosen to lead with courage and competence. May we never tire of striving for a better Nigeria,” he said.
The annual LEADERSHIP Conference and Awards continues to be a major event that brings together influential voices to deliberate on national progress and honour individuals and institutions making meaningful impact in society.
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