Fidelity Bank, Fidelity Bank to help entrepreneurs explore US market

By Ozioruva  Aliu

BENIN CITY –  In a bid to explore Central Bank of Nigeria (CBN)’s  non oil export policy to shore up the country’s foreign earning, Fidelity Bank in collaboration with Edo State Investment Promotion Office and Germany Institute for International Development (GIZ) has organised Export Roundtable sensitization seminar for potential exporters in Edo State and environs.


   Speaking at the event in Benin City, Managing Director of Fidelity Bank Mrs Nneka Onyeali-Ikpe said the seminar is to promote the Central Bank of Nigeria (CBN) RT 200 FX Policy designed to earn 200 billion dollars from non-oil export products from the country in the next five years.


   Represented by the Regional Manager for Edo and Delta States, Mr. Ovie Mukoro commended the Edo state government’s initiative to promote export in the state.


   She said: “The sensitization workshop is on the recent CBN policy and that export policy is the RT200 programme which is to promote non-oil export. Nigeria depends largely on oil imports to finance our foreign exchange needs but with this programme and the supporting policy structure, it will encourage non-oil export. 

  “You will see things like cash crops like we used to do in the 60s and 70s then we have also included some refined output from some of our agricultural products like cashew nuts, pineapple and other food crops. We refine and process them and send them abroad to earn dollars. Then we also have solid minerals involved. Agriculture is a major driver of GDP and this will open rooms for massive employment.”

   In his speech, Edo State Governor, Mr. Godwin Obaseki, represented by Commissioner for Finance, Mr. Joseph Eboigbe, said the state wanted to use export to create jobs as well as diversify remittances of foreign exchange.

  The governor said his administration was ready to remove impediments against export, adding that it would gather data from the participants to enhance government intervention to ensure the right impact is achieved.

   In his presentation, Mr. Isaiah Ndukwe of Fidelity Bank Export and Agriculture Division, urged Edo State to build on the Ease of doing business and fix existing infrastructure gaps, even as he called for value addition in agricultural products to create more jobs and revenues instead of exhorting raw materials. “Value addition is one of the ways to attain 200 billion dollars remittance”, Ndukwe said, adding that the country’s problem is not that it imports massively but that it does not export enough.


   Commenting on the workshop, a participant, Augustine Urutaire said beyond the non oil export increasing their earnings, it would create more opportunities for employment while Mrs. Aghogho Odogun said her company which is into construction would key into the non oil export policy to enable them earn foreign exchange to import the needs of their manufacturing company.

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