Worried by the current glut in the international market and dwindling revenue from Nigerian crude oil export, the Central Bank of Nigeria, CBN, and the Nigerian Export/Import Bank, NEXIM, yesterday formed partnership to devise strategies to revamp Nigeria’s non-oil exports.
Speaking at a one-day conference organised by the CBN/NEXIM on Non-Oil Export Stimulation, CBN governor, Mr. Godwin Emefiele, noted that export as an essential component in the national income, has a very important role in supporting the nation’s economy against the backdrop of weak oil prices.
Emefiele who was represented by the director, Development Finance Department, Dr. Mudasiru Olaitan, said the aim of the conference is to foster greater understanding of the issues constraining Nigeria’s non-oil exports and its sustainability with a view to proffering practical solutions on short and long term perspectives. He however noted that the low level of export loans has contributed to a large extent to the decline in nonoil export revenue receipts from US$10.53 billion in 2014 to US$4.39 billion in 2015, thereby impacting significantly on the country’s export growth potential.
He said: “Let me assure you that the outcome of these stakeholders’ deliberations will assist the bank to formulate policies geared towards enhancing the growth of non-oil exports. It is expected that the resolution of this conference will lead to increase in foreign exchange receipts and job creation among others.
“The bank is partnering with NEXIM in its new export financing initiatives, the Export Rediscounting and Refinancing Facility, RRF, and Non-oil Stimulation Facility, ESF.”
Earlier in his remark, the managing director, NEXIM, Mr. Roberts Orya, said the conference was necessitated by the recurring problem of the volatility in the international oil market, which he said has challenged the Nigerian economy over the years Orya declared that the global oil price collapse which has affected every sphere of the economy has however provided another opportunity for Nigeria to redouble its efforts towards developing other key sectors and enhancing the country’s non-oil export revenues.
“It is in the light of the foregoing that the CBN/ NEXIM have decided to convene this stakeholders’ conference to elicit views and inputs towards reviewing the existing strategies and increasing the flow of funds to the non-oil export sector, in addition to addressing other key challenges impacting the sector,” he said