By Babajide Komolafe

Lotus Bank has pledged to work with exporters and other stakeholders to boost Nigeria’s non-oil export revenue.

Speaking at the bank’s exporters forum in Lagos, the Managing Director of the Bank, Kafilat Araoye, while commending the ‘Race to $200 billion Non Oil Export Earnings, (RT 200)’ recently introduced by the Central Bank of Nigeria, CBN, Araoye averred that Lotus Bank believes that the country can surpass the $200 billion non-oil revenue target of the Bankers Committee with focus and sincerity of purpose by all stakeholders.

She stated: “Before the RT200, some of us had been clamouring for the need to emphasise more on non-oil exports to save the country from a trade deficit. We need to be made exporters and not just importers. We are happy to cooperate with the CBN, and as a bank we are going to be supporting the real sector.

“We will support people who will increase our Gross Domestic Product (GDP), increase it from the perspective of increasing our revenue, which will bring more development for the nation as required.

“We can achieve RT200, it is not unachievable. In fact it should be RT500 because we can get to the $500billion mark. It is doable if we all are focused and sincere in supporting non-oil exports. Nigeria is blessed with natural minerals and a fertile land so we can achieve it.”
Also speaking at the forum, Director, Trade and Exchange Department, CBN, Dr.    Ozoemena Nnaji, said the apex bank is willing to partner with stakeholders on how to improve the nation’s non-oil export revenue.

In her keynote address at the forum titled “Identifying and Overcoming the Challenges of Non-Oil Export Trade”, Nnaji said:    “The key mandate of the CBN is to maintain the external value of the currency and a strategic priority to deliver this mandate is facilitating trade and provision of affordable finance.”