CBN introduced PAVE to boost export, encourage local production ― Emefiele

The Central Bank of Nigeria (CBN), Governor Godwin Emefiele, has disclosed that the introduction of Produce, Add Value and Export (PAVE) initiative is tailored to making Nigerians consume what they produce, add value to it, and even export the surplus.

It is an initiative akin to South-East Asia’s much referenced export-led industrialisation policy which changed the economic fortunes of countries such as South Korea, Taiwan, Malaysia and Singapore.

The CBN Governor stated this Thursday in Akure in his keynote address delivered at the 32nd Seminar for Finance Correspondents & Business Editors with the theme of the seminar: Exchange Rate Management and Economic Diversification in Nigeria: The PAVE (Produce, Add Value and Export) Option.

Emefiele who was represented virtually by Edward Adamu, Deputy Governor, Corporate Services of the CBN said “PAVE is designed to be the key for fast-tracking a bucket of substitutes to Crude oil export. It encourages backward integration for the local production of select items.”

The CBN Governor reiterated that “My mission was and still is, to bequeath a Central Bank that focuses on building a resilient financial system that can serve the growth and development needs of our beloved country, Nigeria.”

He pointed out that the CBN would continue to act as a financial catalyst by targeting strategic sectors that could create jobs on a mass scale and reduce the country’s import bills.

“To solve the immediate and long-term economic challenges of the country, we needed to create an enabling environment with appropriate incentives to empower innovative entrepreneurs to drive growth and development,” Emefiele further stated.

The apex bank boss explained that in the desire to create jobs and diversify the economy away from crude oil, the CBN has established numerous intervention programmes, such as Anchor Borrowers Programmes (ABP), Commercial Agricultural Credit Scheme (CACS), Creative Industry Financing Initiative (CIFI), MSMEDF, CBN Agribusiness, Small and Medium Enterprises Investment Scheme (AgSMEIS) and the Real Sector Support Facility (RSSF), among others with remarkable success in accelerating growth of the economy and reducing poverty across the country.

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CBN introduced PAVE to boost export, encourage local production ― Emefiele