CBN Develops Framework to Boost Non-Oil Export
Godwin Emefeiele, CBN Gov

CBN Develops Framework to Boost Non-Oil Export

The Central Bank of Nigeria (CBN) said it had developed a comprehensive non-oil export optimisation framework, which would be launched at its maiden summit on non-oil exports on June 16. The Director, Corporate Communications Department, CBN, Mr Osita Nwanisobi, said this in a statement on Tuesday.

He said the forum is organised by the apex bank, in collaboration with the Bankers’ Committee, under the Race to 200 Billion dollars in Foreign Exchange (FX) Repatriation (RT200) programme, would focus on the current situation in the economy.

He said it would also focus on the commitment to address the challenges as well as the development and improvement of the non-oil export sector. He said the forum, which would hold in Lagos, would have as its theme: “Setting the Roadmap toward Achieving RT200 and Non-Oil Export for Development.”

According to him, “The one-day summit specifically seeks to identify challenges across the non-oil export value chain from the perspectives of all stakeholder groups as well as provide an understanding of the current situation and the implications to Nigerian citizens and the economy as a basis for urgent action.

“Other objectives of the summit include understanding trends and lessons from other countries including regional and global market outlook.

“Share best practices across the agriculture exporting value chain and guidance on how to obtain financial assistance and to identify opportunities for improving the performance and viability of non-oil exports.

“Ultimately, the CBN and its partners, through the summit, seek to launch the development of a comprehensive Non-Oil Export Optimisation framework.”

Nwanisobi noted that the forum was expected to extract voluntary commitments, and initiatives to support the non-oil export renewal plan, and would feature a keynote address by the CBN Governor, Mr Godwin Emefiele.

He said there would also be expert presentations and panel discussions to address the country’s current non-oil export sector situation and proffer recommendations.

“Participants at the summit will cut across stakeholders in the non-oil sector, including but not limited to the mineral resources, manufacturing and agricultural export sectors. READ: Banks Reduce FX Spend Limit by 80% for Individuals

“Other expected stakeholders are; aggregators, storage, logistics and freight transport operators; exporters; road transport agencies; security agencies and government ministries at federal and state levels.

It will be recalled that the CBN and the Bankers’ Committee in February, unveiled the RT200 programme, a set of plans, policies, and programmes designed to increase the nation’s earnings exclusively from non-oil exports to 200 billion dollars in FX repatriation, within the next five years.

The RT200 initiative is designed to be implemented through five anchors: Value Adding Exports Facility (VEF); Non-Oil Commodities Expansion Facility (NCEF); Non-Oil FX Rebate Scheme (NFRS); Dedicated Non-Oil Export Terminal; and the hosting of a Bi-annual Non-Oil Export Summit. #CBN Develops Framework to Boost Non-Oil Export