The Central Bank of Nigeria (CBN) Governor Godwin Emefiele has received the commendation of exporters for the introduction of the Produce, Add Value and Export (PAVE) initiative, tailored to making Nigerians consume what they produce, add value to it, and export the surplus.
The Nigerian exporters, under the banner of Indigenous Small Business Exporters of Nigeria (ISBEN), said the CBN’s initiative on PAVE has started yielding the desired dividend as many businesses in the country have keyed into the programme.
In an interactive session with newsmen in Abuja on Thursday, the Executive Director of ISBEN, Mr Ikenna Uchechukwu said the CBN’s policy would encourage many businesses in the country to reconsider their old habits of exporting unprocessed and semi-processed products because of the inherent benefits of adding value to their products before proceeding to export.
He informed that the policy would eventually lead to the industrialisation of the country as many businesses tap into the programme and begin to set up factories for manufacturing.
According to Mr Uchechukwu, the CBN’s policy on PAVE can be likened 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 Group’s Executive Director lauded Mr Emefiele’s deliberate policy of reinventing the Nigerian economy through numerous initiatives put in place since he was appointed the CBN Governor, apart from the deft handling of monetary policy, which is his primary forte.
He reiterated that to solve the immediate and long-term economic challenges of the country, a policy like PAVE is needed to create an enabling environment with appropriate incentives to empower innovative entrepreneurs to drive growth and development.
The CBN Governor Emefiele had said that “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.
“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.
The ISBEN Executive Director pointed out that Mr Emefiele’s desire to create jobs and diversify the economy away from crude oil has led the apex bank to establish 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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