The Central Bank of Nigeria, CBN, has said it plans to implement N500 billion facility aimed at supporting the growth of non-oil exports, which would help to improve non-oil export earnings.
According the Governor of the bank, Godwin Emefiele, the CBN would launch a Trade Monitoring System (TRMS) in October 2019, which is an automated system that would reduce the length of time required to process export documents from 1 week to 1 day.
Emefiele, who disclosed this during his media presentation in Abuja recently, when he presented his first term stewardship and future development agenda, said this measure would help support the efforts at improving the non-exports of goods and service.
In order to reduce Nigeria’s reliance on the importation of items which could be produced in Nigeria, the CBN, restricted access to foreign exchange on 43 items, while deploying intervention funds to support growth and productivity in the agricultural and manufacturing sectors.
These measures, according to him helped to support the attainment of its monetary policy objectives such as a reduction in the inflation rate, stability in the exchange rate and improved accretion to our external reserves.
On the other hand, the Bank as part of her goals set in 2014, increased its development finance interventions in order to catalyze growth in critical sectors of the economy and its objectives were driven by the need to increase investments by MSMEs as well as spur consumer spending, as these factors would have a positive impact on GDP growth and employment.
Furthermore, its development finance efforts were driven by the need to reduce our reliance on revenues from crude oil.
He further recalled that, “At a point in our nations history, Nigeria survived on revenues from the non-oil sector, to the extent that we were a dominant exporter of agricultural produce into the global market. Some of these products include, cocoa, groundnuts, cotton and palm-oil.