THE Central Bank of Nigeria (CBN) announced that it has established a comprehensive non-oil export optimization framework, which would be unveiled on June 16 at its first non-oil export summit. This was said in a statement released on Tuesday by Mr. Osita Nwanisobi, Director of Corporate Communications at CBN.
According to him, the event, which is being held as part of the Race to 200 Billion Dollars in Foreign Exchange (FX) Repatriation (RT200) program and organized by the apex bank in partnership with the Bankers’ Committee, will center on the state of the economy at the moment.
He stated that in addition to addressing the difficulties, it will also emphasize the expansion and advancement of the non-oil export industry. 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.”
The CBN Governor, Mr. Godwin Emefiele, would deliver the keynote address at the summit, according to Nwanisobi, which was intended to garner voluntary commitments and activities to support the non-oil export revitalization strategy.
He added that there would also be panel discussions and expert presentations to discuss the non-oil export sector’s current state and give solutions.
“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”.
RT200 is a series of initiatives, policies, and programs that the CBN and the Bankers’ Committee launched in February with the goal of increasing the country’s profits solely from non-oil exports to $200 billion in FX repatriation during the following five years.
The Value Adding Exports Facility (VEF), Non-Oil Commodities Expansion Facility (NCEF), Non-Oil FX Rebate Scheme (NFRS), Dedicated Non-Oil Export Terminal, and the organization of a Bi-Annual Non-Oil Export Summit are the five anchors that will be used to implement the RT200 program.
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