CBN Seeks Establishment of Control Board for Non-oil Export Boost
The Central Bank of Nigeria (CBN) is seeking the establishment of a non-export control board to boost the nation’s exports.
Director of Trade and Exchange Department, CBN, Dr. Ozoemena Nnaji, said such board should comprise of private and public sector stakeholders to achieve its objective.
Speaking at a virtual trade forum organised by Zenith Bank, with the theme “Prospects of non-oil export during and post COVID-19,” Nnaji said the impact of the pandemic was another opportunity for the country to wake up instead of the economy being over-dependent on one product.
“The slowdown in oil production and other disruptions due to the forced lockdown around the globe have caused a decline in the demand and price of crude oil bringing to fore again a renewed policy debate on the need for a deeper policy in the non-oil sector as a means of cushioning the impact of global shocks on the Nigerian economy.
“I think there should be an establishment of an inclusive export policy control board, which primary responsibility will be to tackle the bottlenecks being faced by Nigerian exporters in the export value chain.
“This will include follow-up and measurement of performance and outcomes of policies emanating from this collaborative effort. These efforts should include the federal government and state governments, Ministry of Finance and National Planning, federal Ministry of Industry, Trade and Investments, Nigeria Export Promotion Council, the NEXIM and other stakeholders in the development of export trade in the country.
“Some of the outcomes to be measured would be risks moderation in the export value chain, export credit services, investment maturity periods, port managements, lower transactions cost for exporters, export procedures and export financing for better terms for exports.
“We also think there should be a Nigerian private sector collaboration to reduce or eliminate risks and waste within the non-oil export value chain, and get a better understanding of all the export ecosystem.
“I think there is a lack of information and for people that have goods to export, there are some bottlenecks and I think that a collaborative effort will ease some of these bottlenecks.
“As the COVID-19 pandemic continues to stifle international trade and disrupt businesses and supply chains, it is important that attention is paid to the non-oil sector for the economic stability of the nation.
“Optimal attention should be given to sectors such as manufacturing, agriculture, information technology and most importantly the SME sector, which can drive job creation, improve industrialisation, increase GDP performance and play a critical role in the process of economic growth.”
In his opening speech, the Group Managing Director of Zenith Bank, Mr. Ebenezer Onyeagwu, said it was time the country pushes for policies that can diversify the revenue base.
He said the pandemic has impacted so much on the crude oil export which led to pressure on foreign exchange earnings, stating this required development of other export potentials as a way out.
He said, “For anybody who is looking for a transition out of the pandemic, whether as an individual or as a nation, the anchor point and masterstroke you cannot make a mistake is to go back to develop our agricultural business.”
Director of Trade and Exchange Department, CBN, Dr. Ozoemena Nnaji, said such board should comprise of private and public sector stakeholders to achieve its objective.
Speaking at a virtual trade forum organised by Zenith Bank, with the theme “Prospects of non-oil export during and post COVID-19,” Nnaji said the impact of the pandemic was another opportunity for the country to wake up instead of the economy being over-dependent on one product.
“The slowdown in oil production and other disruptions due to the forced lockdown around the globe have caused a decline in the demand and price of crude oil bringing to fore again a renewed policy debate on the need for a deeper policy in the non-oil sector as a means of cushioning the impact of global shocks on the Nigerian economy.
“I think there should be an establishment of an inclusive export policy control board, which primary responsibility will be to tackle the bottlenecks being faced by Nigerian exporters in the export value chain.
“This will include follow-up and measurement of performance and outcomes of policies emanating from this collaborative effort. These efforts should include the federal government and state governments, Ministry of Finance and National Planning, federal Ministry of Industry, Trade and Investments, Nigeria Export Promotion Council, the NEXIM and other stakeholders in the development of export trade in the country.
“Some of the outcomes to be measured would be risks moderation in the export value chain, export credit services, investment maturity periods, port managements, lower transactions cost for exporters, export procedures and export financing for better terms for exports.
“We also think there should be a Nigerian private sector collaboration to reduce or eliminate risks and waste within the non-oil export value chain, and get a better understanding of all the export ecosystem.
“I think there is a lack of information and for people that have goods to export, there are some bottlenecks and I think that a collaborative effort will ease some of these bottlenecks.
“As the COVID-19 pandemic continues to stifle international trade and disrupt businesses and supply chains, it is important that attention is paid to the non-oil sector for the economic stability of the nation.
“Optimal attention should be given to sectors such as manufacturing, agriculture, information technology and most importantly the SME sector, which can drive job creation, improve industrialisation, increase GDP performance and play a critical role in the process of economic growth.”
In his opening speech, the Group Managing Director of Zenith Bank, Mr. Ebenezer Onyeagwu, said it was time the country pushes for policies that can diversify the revenue base.
He said the pandemic has impacted so much on the crude oil export which led to pressure on foreign exchange earnings, stating this required development of other export potentials as a way out.
He said, “For anybody who is looking for a transition out of the pandemic, whether as an individual or as a nation, the anchor point and masterstroke you cannot make a mistake is to go back to develop our agricultural business.”
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