Araoye: Nigeria Can Achieve $500bn Non-oil Inflow

Nume Ekeghe

The Managing Director of Lotus Bank, Ms Kafilat Araoye has said the country is able to achieve beyond the goal of $200 billion inflow from non-oil exports over the next two to five years with the collaboration of stakeholders in the economy.

Araoye while speaking at the Lotus Bank Exporters’ Forum 2022 over the weekend in Lagos, said with the resources of the country, Nigeria is able to achieve up to $500 billion over the next five years, if the non-oil export sector is enabled.

He was corroborated by the Director, Trade and Exchange Department, Central Bank of Nigeria (CBN), Dr Ozoemena Nnaji in her keynote address titled, “Identifying and Overcoming the Challenges of Non-Oil Export Trade.”

Nnaji said the apex bank is willing to partner with all stakeholders in order to deliver on the mandate.

The CBN had earlier this year introduced the RT200, which is targeted at achieving $200 billion in non-oil export foreign exchange inflow over the next two to five years.

According to the Lotus Bank MD, Araoye, this is a feat that is achievable if the county taps into the several natural minerals that abounds in it as well as the diverse exportable agricultural products.

“We are a country that needs to generate revenue, and one way to generate revenue, especially in foreign exchange so that the naira can appreciate is the non-oil export area. Yes, we are an oil-producing country but we don’t want to be predominantly oil. The non-oil export is so critical to growth that the CBN has taken a very bold initiative with the RT200.

“Before the RT200, some of us have been clamouring for the need to emphasise more on non-oil export to save the country from 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, “he said.