BY COBHAM NSA, ABUJA – Focused on revamping the Nigerian export sector as a key vehicle for economic growth, the Central Bank of Nigeria (CBN) is to effectively engage Chief Executives of multinational companies in Nigeria on the best foot forward.
The CBN Governor, Mr Godwin Emefiele said the apex bank is ready to initiate deliberate and robust policies that would boost investments and job creation in the sector.
Speaking during the Bankers’ Committee meeting in Abuja on Tuesday, August 25, Emefiele said encouraging and supporting efforts at revamping Nigeria’s export sector is the right way to go given current global economic dislocations caused by COVID-19 pandemic.
He said effectively engaging all stakeholders on ways to reset the sector for needed growth and development must enjoy priority attention considering its potential as a major revenue earner for the country.
The CBN Governor, who decried the current situation where many Nigerian produce of export quality are waiting to be explored and exploited, said the apex bank, in collaboration with the Federal Ministry of Industry, Trade and Investment, is committed to facilitating a reboot of the Nigerian export market for effective service delivery.
On President Muhammadu Buhari’s charge that Nigerians must produce what they eat and eat what they produce, Emefiele said the country has no option than diversifying its economic base away from present heavy reliance on crude oil.
He explained that the proposed meeting with heads of Multinational firms is expected to evolve a roadmap on how best to revitalize the export sector for efficiency and growth, especially in earning foreign exchange for the country, as well as generating jobs for millions of Nigerians.
This latest move has further strengthened conscious steps being taken to grow Nigeria’s economy by the Emefiele-led CBN which recently also embarked on a campaign tagged ‘Produce, Add Value and Export’ (PAVE), especially for agricultural produce in the country.