• Friday, July 12, 2024
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FG targets N394 billion from non-oil export

non-oil export-import

The Federal Government is targeting to earn an additional two billion dollars (N394 billion) from non oil exports within the 2016 fiscal period, the Managing Director, Nigerian Export-Import Bank (NEXIM), Mr Robert Orya, said on Thursday. Orya lamented that the country had not been able to achieve the potentials of the sector in view of its abundant resources, adding that there was need for banks to increase lending to non oil exporters.

The Central Bank of Nigeria, in collaboration with NEXIM, has announced a N300 billion intervention fund for non-oil export at nine per cent interest for exporters after non-oil export revenue declined by 6.1 billion dollars between 2014 and 2015.

With the intervention fund, Orya said Nigerians would soon begin to see an increase in the number of non oil products exported to other countries.

“We have only six products in a basket for the whole country. Why can’t we look for ways of increasing the number of commodities.

“Because when you begin to export commodities in raw forms, you are exporting jobs and opportunities to other country.

“We should not repeat the same mistakes we made with crude oil. We send our oil abroad; it gets refined, sent back to us and we buy at a higher rate.

“Where it is being refined, we are creating jobs and and a lot of opportunities for their own economy. So this is what we need to avoid in non oil.

“To boost the sector, we have categorised our interventions into quick, medium terms. We should be able to make up to two billion dollars for this year from non oil export.”

Orya said the bank would provide assistance to companies that were already exporting, adding that this would assist in creating more jobs, reducing poverty and diversifying the economy.

He said, “Our quick strategy is to expand the businesses of companies that are already exporting. We will give them more support because that is all they need.

“So this is where the loan comes in. We will give them more liquidity at a moderated rate to be able to bring in more foreign exchange,” he added.

The Naira is now changing at N293 to a dollar and N404 to a pound sterling. Also, crude oil price has fallen to 26.95 dollars per barrel at the international market.