The Governor of Central Bank of Nigeria, Godwin Emefiele said Nigerians need to export the surplus of what they produce after consumption by adding value to the product.
He made this disclosure virtually during the 32nd seminar organized by the CBN for finance correspondents and business editors, tagged ” Exchange Rate Management and Economic Diversification in Nigeria: the PAVE option” in Akure.
Emefiele in his keynote presented by Mr Edward Adamu noted that he is mindful of Nigeria’s goals which may appear ambitious, but achievable through determination.
” Many countries that are much less endowed than Nigeria are doing it. Considering the Netherlands for example, their agriculture export alone was about $120 billion last year.
Yet the Netherlands has a landmass of about 42,000 square kilometres which is much smaller than the landmass of Nigeria States alone at over 76,000 square kilometres”.
Mr Emefiele also noted that the products add value and the export initiative was expected to make Nigerians consume what they produce and add value to it with the exportation of the surplus.
” PAVE initiative was akin to south-East Asia’s much referenced export-led industrialization policy, which changed the economic fortunes of countries such as South Korean, Taiwan, Malaysia and Singapore.”
Mr Emefiele explained that the initiative was designed to be the pivot for a fast-tracking bucket of substitutes to crude oil export.
He said all hands must be on deck to ensure the success of PAVE, noting that the initiative would mitigate against future severe consequences of shocks beyond our control.
“Covid-19 pandemic is one of the biggest crises that has faced mankind in recent history, although the pandemic impacted economic and disrupted businesses activities globally.”
Mr Emefeile, added that expectedly, Nigeria like most commodity-dependent countries, allow the covid-19 pandemic gives our dependence on crude oil export as a major source of revenue and foreign exchange.
He further said that despite the headwinds associated with the pandemic, the bank will continue to work very hard to ensure that Nigeria remains a vibrant economy.
“It will remain vibrant with diversified mix of opportunities across all sectors such as ICT, manufacturing, solid minerals, trade and agriculture, notwithstanding the modest achievements so far.”