CBN, NEXIM, Others Restate Commitment To Improved Export Earnings

The Central Bank of Nigeria (CBN), the Nigeria Export-Import (NEXIM) Bank the Nigeria Sovereign Investment Authority (NSIA) and Heritage Bank plc have reiterated their commitment to improved local productive activities that will boost the country’s export earnings.

To this end, they have given their support to the Finance Correspondents Association of Nigeria (FICAN) as it assembles bankers, relevant government agencies, handling companies and manufacturers at the upcoming 2022 annual conference to dissect challenges facing Nigeria’s local productive capacity for enhanced foreign exchange earnings.

Other institutions that have indicated thrown their weight behind the association on this initiative include the United Bank for Africa (UBA), Bank of Industry (BOI), Sterling Bank, Development Bank of Nigeria (DBN), Securities and Exchange Commission (SEC), the Assets Management Corporation of Nigeria (AMCON), Strategic Effects Limited, First City Monument Bank, Polaris Bank, Wema Bank, Sparkle Nigeria Limited, Union Bank, Guaranty Trust Holding Company, and Standard Organization of Nigeria (SON).

Others are: the Nigerian Shippers Council, Standard Organization of Nigeria (SON), the Securities and Exchange Commission (SEC), Bank of Industry (BOI) Starlink Nigeria Limited and Fidelity Bank.

A statement from the association said the theme of the conference scheduled to hold on September 17th and 18th, 202 at Lekki Lagos is: “Boosting Domestic Capacity for Sustainable Export Earnings”.

The keynote address will be delivered by the Managing Director/CEO, Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe while the Managing Director/CEO, Heritage Bank Plc, Mr Ifie Sekibo will be the Guest Speaker.

There will be a Panel Discussion in which representatives of select organisations will participate to speak on chosen Sub-topics.

The CBN “RT200 FX Programme”, which stands for the “Race to US$200 billion in FX Repatriation,” is aimed at getting $200 billion in Foreign Exchange (FX) repatriation over the next 3-5 years, based on stipulated guidelines.

Early in April 2022 (barely two months after introduction), the CBN Governor gave a directive for the release of N3.5 billion in rebates to 150 exporters who had taken part in the RT200 FX scheme so far.

This suggests that the scheme is workable.

Given the appropriate environment, RT200 FX will be a game changer in boosting non-oil forex earnings.

In view of the importance of achieving this significant objective, among others, FICAN has carefully chosen the topic.

Representatives of the following organisations will participate in the panel discussion: the Central Bank of Nigeria; Fidelity Bank Plc; Heritage Bank Pkc; NEXIM Bank; Nigeria Customs Service; Nigeria Shippers Council; Nigerian Ports Authority (NPA); Manufacturers Association of Nigeria (MAN), SEC and BOI.

The two-day event will be held at Orchid Hotels, Plot 3 Dreamworld-Africana Way, Lekki (2nd Lekki Toll Gate) Ologborogan, Lekki – Lagos.