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UBA Group Managing Director, Oliver Alawuba has highlighted the importance of developing industrial hubs during his participation in the Central Bank panel at the RT 200 Non-Oil Export Summit which held on 9th May 2023 in Nigeria.
Recognising Nigeria’s potential as Africa’s largest economy, Alawuba emphasised the need to foster specialised economic zones, promote manufacturing, and implement supportive policies to enhance the country’s export capacity. The goal is to repatriate $200 billion in foreign exchange exclusively from non-oil exports within the next 3-5 years.
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Alawuba underscored the transformative opportunity that establishing industrial hubs presents for Nigeria’s economy. By serving as centres for innovation, production, and export, these hubs can drive economic diversification and create job opportunities. Collaboration among key stakeholders, including financial institutions like UBA, and the implementation of comprehensive strategies are crucial for realising this vision.
In conclusion, the GMD urged critical stakeholders to commit to sustained efforts in positioning Nigeria as a thriving hub for non-oil exports. Through the utilisation of resources, support for local industries, and facilitation of trade, Nigeria can achieve long-term economic prosperity and reduce its vulnerability to oil price fluctuations. UBA’s participation in the summit reflects the bank’s commitment to driving economic growth, promoting diversification, expanding export opportunities, and contributing to Nigeria’s overall economic transformation.
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele also stated that foreign exchange repatriation into Nigeria increased by 40% due to the implementation of its RT200 FX programme.
Emefiele noted this while delivering his keynote address at the summit. The CBN Governor further explained that when the RT200 programme was started, only US$62 million was repatriated by March 2022, adding that by the second quarter (April and June 2022), the figure had risen to about US$600 million and by the third quarter (July to September 2022), over US$900 million.
According to the CBN governor, foreign exchange repatriation attributed to the RT 200 FX programme increased by 40% to US$ 5.6 billion 2022.from US$3.0 billion in 2021.
He also noted that the year 2023 has started strongly and showing impressive prospects. In the first quarter of 2023, a total of US$1.7 billion was repatriated to the economy while about US$970 million was sold at the I&E window year-to-date.
