LCCI, NEXIM Bank Urge Government On Policies To Grow Non-Oil Exports

The Director-General, the Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf, and Managing Director of the Nigerian Export-Import Bank (NEXIM), Abba Bello, have called on the government to create policies that would increase the contribution of non-oil export to foreign exchange earnings.

At a workshop organised by the Association of Business Editors of Nigeria (ABEN) in Lagos, the duo said non-oil economy and export have the potential to drive the needed inclusive growth, hence the need to double efforts to grow the boost activities in the areas.

Yusuf said the government must deliberately create an environment that supports non-oil exports to liberate the business environment; reduce poverty and fast-track economic development.

Muda Yusuf, said non-oil exports could not grow in a market where exporters “do not have free and unfettered access to their export proceeds”.

He added, the differential between the investors’ and exporters’ (I & E) window, where exporters sell their dollar proceeds, and the rate at the parallel market, which is over N70 per dollar, was a major disincentive to exporters.

He said exporters should, at least, be allowed given free access to their proceeds if they could not be given an incentive similar to that of diaspora emitters.

According to him, Nigerian exporters need a wide range of information relating to packaging and the international market to compete with the rest of the world, adding that capacity building is required to bridge the information gap.