The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) has said that the non-oil sector should be scaled up to grow Nigeria’s foreign exchange inflow.
The Director General, Ayo Olukanni, who made the assertion in reaction to the Central Bank of Nigeria (CBN) Naira-4-Dollar Scheme on Diaspora Remittances, noted that the non-oil exports are yet to be fully tapped.
He expressed hopes that government would evolve more appropriate incentives to boost foreign exchange by scaling up the non-oil exports as the country grapples with what should be done to ensure inflow of forex and also shore up the Naira. The DG said Diaspora remittances have always been identified as an important component part of inflow of foreign exchange into the Nigerian economy, which he said is perhaps what inspired the scheme by the CBN.
“Annual figures in recent years range from $22 billion in 2017 to $23.63 in 2018 and projection before COVID-19 was that it will go as high as $35 billion by 2023. All said and done it is said that it contributes as much as 6 percent of our GDP and its economically significant for us in meeting our developmental aspirations, hence, it has received a lot of attention.
“The Nigerians in Diaspora Organisation (NIDO) initiative which officially started in 2000 and the eventual creation of the Nigerian Diaspora Commission by the National Assembly were all part of the various efforts to harness the full potential of the Nigerian Diaspora, including remittances which in addition to supporting households, can also be channelled into national development. These have led to the steps taken by CBN to encourage remittances.”