Sanwo-Olu advocates financial diversification, non-oil exports  | The Guardian Nigeria Information – Nigeria and World Information

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Sanwo-Olu advocates financial diversification, non-oil exports  | The Guardian Nigeria Information – Nigeria and World Information



Lagos State Governor, Babajide Sanwo-Olu, has known as for financial diversification in Nigeria, saying that the nation ought to shift from overdependence on oil and fuel, to agricultural produce, strong minerals, chemical merchandise, furnishings and clothes in addition to tourism, amongst others.     He additionally pressured the necessity for Nigeria to discourage over-reliance on mono-economic income, which is oil and scale up its exports, noting {that a} state of affairs wherein oil and fuel persistently account for the majority of presidency revenues and overseas alternate earnings, just isn’t an excellent one.   Sanwo-Olu, who made the decision on the Central Financial institution of Nigeria (CBN) RT 200 Non-oil Export Summit in Lagos stated Nigeria has a lot potential to scale up its exports, shifting from over-dependence on oil and fuel to agricultural produce, strong minerals, chemical merchandise, furnishings and clothes, amongst others.   Commending the CBN for organising a summit to advertise non-oil exports in Nigeria, he stated Lagos state is delighted to host the maiden version of the strategic assembly.    He stated: “Lagos State is residence to the most important and most necessary sea ports within the nation. There can not, due to this fact, be any conversations about rising non-oil exports in Nigeria, with out bringing Lagos State and our transport and logistics infrastructure into the image. This is the reason I’m happy that Lagos is internet hosting the maiden Summit.  “For us as a authorities, plenty of the work we now have been doing and nonetheless doing is geared toward bettering the state of transportation infrastructure, to allow imports and exports, and usually carry down the price of doing enterprise.    “When items for export get caught on the roads and might’t make it to the ports, we now have an enormous downside on our palms. There’s a huge worth that the economic system pays for these dysfunctions in any respect ranges – from the small and huge companies whose items are being exported to the folks within the enterprise of exports, to the customers of our roads who should waste worthwhile time in visitors due to worsening gridlock.    “It’s, due to this fact, our duty, as governments, to make sure that we make the enterprise of exporting (and in addition importing) as seamless as potential. Nigeria has a lot potential to scale up its exports, shifting from over-dependence on oil and fuel to agricultural produce, strong minerals, chemical merchandise, furnishings, clothes, and so forth.”   Sanwo-Olu whereas stressing the necessity for Nigeria to scale up its exports stated, “a rustic in want of overseas alternate has no enterprise downplaying the significance of exports.”
He stated: “We will do loads to strengthen the Naira and our exterior reserves by specializing in our non-oil exports. This diversification additionally offers us immunity from the extreme shock of relying on a restricted pool of exports.   “I commend the Central Financial institution for making this a precedence, by way of the launch of the Race To US$200 Billion FX Scheme (RT200), amongst different laudable initiatives. The RT200 FX Scheme seeks to generate as a lot as US$200 Billion in FX earnings, particularly from non-oil sources, over the following few years.  “I’m conscious that, up to now, the Central Financial institution has permitted the fee of billions of Naira to greater than 100 exporters who’ve taken benefit of the scheme and have scaled up their non-oil exports of completed and semi-finished items in step with it.    “I’ve little question that this scheme will go from power to power, and ship to an extent past the expectations of the Central Financial institution and the Nigerian economic system. I urge exporters to readily benefit from it. I additionally urge the Central Financial institution to proceed to high-quality tune and strengthen this course of, whereas additionally pondering of recent and progressive initiatives that may obtain related outcomes,” he said.



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