The Central Bank of Nigeria has announced that it has established a comprehensive Non-Oil Export Optimisation framework, which would be unveiled on June 16 at its first non-oil export summit.
Mr Osita Nwanisobi, Director, CBN Corporate Communications Department, disclosed this in a statement seen by the News Agency of Nigeria.
The seminar, which is organized by the apex bank in partnership with the Bankers’ Committee as part of the Race to 200 Billion Dollars in Foreign Exchange (FX) Repatriation (RT200) program, he said, would focus on the present economic situation.
What the CBN is saying
Nwanisobi said the summit will also focus on the determination to address the difficulties, as well as the development and strengthening of the non-oil export sector.
He said, “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 understanding of the current situation and the implications to Nigerian citizens and the economy as a basis for urgent action.”
He added that “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 forum, according to Nwanisobi, is anticipated to elicit voluntary commitments and activities to support the non-oil export revitalization strategy, as well as a keynote lecture by CBN Governor Godwin Emefiele.
Expert presentations and panel discussions will also be held, according to him, to address the country’s current non-oil export sector condition and make 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.
“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,” he said.
What you should know
Nairametrics earlier reported 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.
Launched on February 10, 2022 by the apex bank as part of measures to reduce the increasing demand for foreign currency by importers, the RT200 FX Programme has been designed to reduce the excessive pressure on the exchange rate.
With the implementation of this policy, the CBN has stated that the supply of foreign currency to commercial banks will cease by the end of 2022, while investors will be able to generate forex through the RT200 FX Program template that has been designed to strengthen commodity exports.
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.
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