Nigeria: Revenue from non-oil exports down by 58% to $4.3bn — CBN

*Central Bank of Nigeria.

*Central Bank of Nigeria.

17 March 2016, Lagos — The Central Bank of Nigeria, CBN, has said that the revenue from non-oil exports fell sharply by 58 percent to $4.39 billion in 2015. Meanwhile, Zenith Bank has expressed its readiness to enhance revenue from non-oil exports by assisting its clients with financing support needed export.

CBN Governor, Mr Godwin Emefiele disclosed this in Lagos yesterday while speaking at the Zenith Bank International Trade seminar.

While commending Zenith as the highest ranking bank in terms of facilitating non-oil export trade, Emefiele called on stakeholders to evolve strategies to address the sharp fall in the nation’s non-oil export revenue.

Domestic economy Represented by the Deputy Director, Trade and Exchange Department, Mr. Dauda Gotring, said, “ It has been observed that while credit to the non-oil sector has been declining and currently at 0.6 percent of total domestic loan to the private sector in the past five years, the credit to the domestic economy has been on the rise.

“The low level of export loan has no doubt contributed to the decline in non-oil revenue from $10.53 billion in 2014, $4.39 billion in 2015, which is a very significant drop “The impact of this on the country’s export potentials is quite significant and has become topic for stakeholders’ dialogue towards evolving responsive strategies that will expand resources for exports expanding programmes on a complimentary basis.”

Commending Zenith Bank for organising the seminar, he said the seminar will help in identifying the various issues hampering the non-oil export in the country.

He said, “It is my hope that the outcome of this stakeholders deliberation will assist CBN to formulate policies geared towards enhancing growth, of non-oil exports “It is expected that resolutions of this seminar will lead to increased receipt of foreign exchange from non-oil exports and job creation among others”.

In his opening address, Managing Director/Chief Executive, Zenith Bank Plc, Mr Peter Amangbo, said that Zenith Bank has made it a top priority to enhance the ability of its clients to export.

He said, “The goal of this year’s Zenith Bank International Trade Seminar is to escalate the tone of the conversation around non-oil exports. Apart from this interactive seminar series, as a bank, we have decided to make it a top priority to improve the conditions that directly affect the ability of our clients to export, such as monetary easing, by assisting with financing that is needed for exports, trade advocacy and export promotion effort, educating our clients about markets and the financing opportunities available.”
*Babajide Komolafe – Vanguard

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