By Peter Egwuatu

The Securities and Exchange Commission , SEC, United Bank for Africa, UBA, and others have made case for value added export to enhance the Nigeria’s foreign exchange earnings.

SEC also reiterated its commitment to developing the commodities ecosystem in Nigeria to boost the non-oil sector.

The Director-General of SEC, Lamido Yuguda, stated this at the 2022 annual conference of the Finance Correspondents Association of Nigeria, FICAN, held in Lagos with the theme ‘Boosting Domestic Capacity for Sustainable Export Earnings”.

Yuguda who was represented by the Director, Lagos Zonal Office of the Commission, Hafsat Rufia, said: “The development of the commodities ecosystem would help the country achieve its quest for sustainable foreign exchange earnings and economic development.”

He added, “We believe that implementation of the roadmap for a vibrant commodity trading ecosystem in Nigeria by the Commission will support the development of the agricultural sector and diversification of the Nigerian economy and, ultimately, advance the country towards attaining sustainable foreign exchange earnings.

 “We must, therefore, leverage on the capital market through the commodities ecosystem, the equity and bond markets to develop and exploit all the potential sources of forex.”

In her keynote address, the Managing Director, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, represented by Divisional Head, Agric and Export, Isaiah Ndukwe, urged Nigerian commodities exporters to switch to the export of value-added items in order to earn more foreign exchange and improve Nigeria’s trade balance.

In his own remark at the seminar,  the Managing Director and Chief Executive Officer of Bank of Industry (BoI), Mr. Olukayode Pitan, who was represented by Project Officer, Ominiaboh Uyoyou Jermila, said the national budget is heavily reliant on the revenue generated from the oil sector, lamenting that since the 70s, the focus on oil as a major source of foreign exchange has negatively impacted growth in the non-oil sector and has led to declining in its contribution to foreign exchange earnings.

Speaking as well, the Deputy Managing Director, United Bank for Africa, Muyiwa Akinyemi, noted that the discovery of crude oil brought a shift that has made the country majorly dependent on the oil sector to neglect other sectors.

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