Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has urged for collaboration among stakeholders in the non-oil export value-chain, claiming that if properly tapped, the sector has the potential to generate $200 billion in income and stimulate growth in the Nigerian economy.
Godwin Emefiele made the announcement on Thursday, June 16, during the Bank’s non-oil conference, which is currently taking place in Lagos State.
He stated that the Nigerian economy has been challenged on many fronts as a result of a mix of domestic and global causes, making macroeconomic management, particularly foreign exchange availability and management, extremely challenging.
He said the apex bank has been challenged with increased demands for foreign cash for goods, services, and other necessities, noting that the factors have exposed the Nigerian economy’s fragility and the need for a more diversified economy.
“With this unabating demand, the Bank has been working to manage both demand and supply sides, to meet the foreign exchange obligations in Nigeria,” the CBN governor said, stressing 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 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.