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HomeTop NewsCBN eyes $200 bln revenue from non-oil export over medium term ~Emefiele

CBN eyes $200 bln revenue from non-oil export over medium term ~Emefiele

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Nigeria’s non-oil export value-chain has the potential of generating $200 billion in revenue and stimulating growth of the country’s economy if properly harnessed, according to the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele who sought collaboration among stakeholders in the sector.

Speaking at the maiden edition of the Bank’s non-oil summit in Lagos, Emefiele noted that the Nigerian economy has been challenged on many fronts due to a combination of local and global factors, making macro-economic management very difficult, especially foreign exchange availability and management.

According to him, the factors have exposed the fragility of the Nigerian economy and the need for a more diversified economy.

He said the regulatory bank has been confronted with rising demands for foreign exchange for goods, services and other needs.

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“With this unabating demand, the Bank has been working to manage both demand and supply sides, to meet the foreign exchange obligations in Nigeria,” but noting that monetary policy alone cannot bear all the burden of expected adjustments needed to manage the challenges.

“Nigeria can be great in export. Before we found oil, Nigeria was exporting commodities. We found oil and we all went to bed. It is time for us to get jolted to get out of bed and begin to do the right things for the good of our country; so that the CBN can refine foreign exchange.

“In fact, people do not need to come to the central bank of Nigeria to ask for foreign exchange to import, the banks should be able to find foreign exchange for exporters to fund export needs of Nigerians; that is what we desire and we will need the support of everybody.

“While I welcome you all to this event, my hope is that this will be a problem-solving gathering; a summit that would guarantee that for every complaint, problem, issues, challenge and difficulty that is presented or identified, there will be one or several agencies of practitioners that will articulate options for solving that problem

“I strongly believe that the ideas harnessed from this maiden summit will be invaluable in helping us reach our ultimate goal of $200 billion in non-oil export over the medium-term. I am mindful that this goal itself may appear unattainable to some, but I’m resolute and determined that we can achieve them,” Emefiele said.

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