Fidelity Bank restates support for CBN FX repatriation push

From Left: Representative of Nigerian Export-Import (NEXIM) Bank, Gidado Abu Gidado; Head, Product and Market Development North-West Region, Nigeria Export Promotion Council (NEPC), Kano Regional Office, Yakubu Gambo; Regional Bank Head, North West 1, Fidelity Bank Plc, Mannir Ringim,; Isaiah Ndukwe, Divisional Head, Export and Agriculture, Fidelity Bank Plc; Managing Director, 3T Impex Trade Academy (Consultant), Dr Bamidele Ayemibo; and NEXIM Bank staff, Zainab Potiskum, at the Sensitization Programme.

. Sensitizes customers on emerging opportunities in non-oil exports

Fidelity Bank Plc, a leading Nigerian bank, has reaffirmed its commitment to actively support the Central Bank of Nigeria’s (CBN) efforts to achieve its goal of $200 billion in foreign exchange (FX) repatriation from non-oil exports over the next five years.

The Executive Director, Northern Businesses, Fidelity Bank, Hassan Imam, said this on Monday in Kano at a workshop for exporters and investors on the implementation and opportunities in the new CBN RT200 FX Policy.

Imam said the lender will not relent in its efforts to bridge the knowledge gap in the non-oil space by facilitating the necessary processes and documentation for the new policy, with the goal of increasing FX repatriation through exports.

The CBN unveiled the RT200 FX Programme on February 10, in efforts to reduce the increasing demand for foreign currency by importers, which frequently puts excessive pressure on the exchange rate.

With the implementation of this policy, the CBN said the supply of FX to commercial banks will cease by the end of 2022, while investors will be able to generate foreign currency through the RT200 FX Program template provided to strengthen commodity exports.

The Regional Head, North West 1, Fidelity Bank, Mannir Ringim, reiterated the lender’s readiness to support the government’s economic imperatives to boost revenue in the non-oil sector.

He said: “As you know, Nigeria is currently an import-dependent economy with so much pressure on our currency and the source of revenue as a nation is petrodollar.

“The initiative of the CBN is to leverage on our non-oil products especially in agriculture like hibiscus flower, cashew nut sesame and many other products for exports.

“Now, Fidelity Bank wants to remain the exporters’ bank of choice not only by providing finance but by helping exporters in bridging the knowledge gap in exporting their commodities. We are committed to this initiative to improve our economy, reduce pressure on local currency and provide an enabling environment to grow the non-oil sector to also create massive job opportunities.”

Non-oil strategic planning

Speaking on the need for strategic planning in the non-oil sector, Head of Export and Agric Businesses, Isaiah Ndukwe, said Fidelity Bank is well-positioned to advance the CBN policy thrust to reduce Nigeria’s over-dependence on oil revenue.

He said the bank is committed to improving competitiveness while focusing on developing exporters’ capability in the fundamentals of local commodity exportation.

We are committed to this initiative to improve our economy, reduce pressure on local currency and provide an enabling environment to grow the non-oil sector to also create massive job opportunities.

Ndukwe emphasized that the new policy will not only reshape exporters’ mind sets, but will also infuse value addition on their commodities, allowing them to earn more FX.

According to him, the workshop tagged, Harnessing Export Business Opportunities, CBN RT200 FX Programme: Current Issues, Non-oil Exports and Implications to Business, drew inspiration from the policy’s guidelines.

The guidelines involve the provision of a single-digit credit facility to exporters, provision of rebates on foreign currency, funding of commodity production and value-addition processes, building terminals and the convening of a biannual summit for the review of the implementation of the policy.

Exporters at the sensitization event expressed satisfaction with the capacity-building initiative, as it enabled them to get acquainted with the CBN policy and opportunities in export business.

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

Shell reiterates commitment to lower CO2 emissions in Nigeria

Next Post

USAID awards Nigerian firm N592m grant to boost agriculture

Related Posts