The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee, will hold the maiden summit on Non-Oil Exports under the Race to US$200 billion in Foreign Exchange (FX) Repatriation (RT200) programme launched in February this year.
The summit, which holds in Lagos, on Thursday, with the theme: “Setting the Roadmap towards Achieving RT200 and Non-Oil Export for Development,” will focus on the present situation in the economy, the commitment to addressing the challenges as well as driving the development and improvement of the non-oil export sector.
In a statement issued by the Director, Corporate Communications Department CBN, Osita Nwanisobi, he said that 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.
The CBN spokesman listed other objectives of the summit to 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.
He added that the apex bank and its partners, through the summit, seek to launch the development of a comprehensive Non-Oil Export Optimisation framework.
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The summit, which is expected to extract voluntary commitments, and initiatives to support the non-oil Export Renewal Plan, will feature a keynote address by the CBN Governor, Godwin Emefiele, as well as expert presentations and panel discussions to address the country’s current non-oil export sector situation and proffer 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 including primary agriculture players; aggregators, storage, logistics and freight transport operators; exporters; road transport agencies; security agencies and government ministries at Federal and State levels.
The CBN and the Bankers’ Committee in February 2022 unveiled the RT200 programme, a set of plans, policies, and programmes designed to increase the nation’s earnings exclusively from non-oil exports to US$200 billion in FX repatriation, within the next five years.
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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CBN, Bankers’ Committee hold non-oil exports summit