Aduragbemi Omiyale
By Aduragbemi Omiyale
Some stakeholders and customers of Fidelity Bank Plc in the export business in Ondo State have been sensitised on the emerging opportunities in non-oil exports.
This is in support of the new policy of the Central Bank of Nigeria (CBN) aimed to ensure that earn about $200 billion in foreign exchange (FX) repatriation from non-oil exports over the next five years.
The CBN RT200 FX Policy was introduced on February 10, 2022, by the apex bank as part of measures to reduce the increasing demand for foreign currency by importers.
At the workshop for exporters and investors held in Akure, Ondo State, the Head of Export and Agric Businesses at Fidelity Bank, Mr Isaiah Ndukwe, said the bank was well-positioned to advance the CBN policy thrust to reduce the country’s dependence on oil revenue.
He stated that the bank was committed to growing the export business across key sectors of the economy by providing support to exporters, stressing that the new policy will not only reshape exporters’ mindsets but will also infuse value addition on their commodities, allowing them to earn more forex.
Commending Fidelity Bank on the sensitisation series, an attendee at the event and cocoa farmer, Mr Babatunde Fatimiro said, “In Ondo State today, cocoa has a dedicated agency; this is unprecedented in Nigeria.
“If you consider the potentials and inclusive advantage as well as economic impact of cocoa production to the Nigerian economy, I have no doubt that cocoa will one day overtake crude oil in terms of economic importance in Nigeria.
“It is initiatives like this workshop hosted by Fidelity Bank that would help us actualize this quickly and I encourage them not to rest on their oars as they drive to help diversify the economy.”
It would be recalled that Fidelity Bank hosted the first edition of the workshop in Kano State on February 21, 2022, to sensitise entrepreneurs in the region on the implementation and opportunities in the CBN RT200 FX Policy.
The Ondo version was tagged Harnessing Export Business Opportunities, CBN RT200 FX Policy: Policy Sensitisation, Emerging Sector Issues & Implications to Business and had in attendance representatives from key stakeholders in the Nigerian financial services and export industries, including the Nigerian Export and Import Bank (NEXIM), the Cocoa Exporters Association of Nigeria, the Nigerian Export Promotion Council (NEPC) amongst others.
