- CBN’s Forex Policy ‘ll Boost Dollar Inflow
The Managing Director/CEO, Fidelity Bank Plc, Nnamdi Okonkwo, has said the ongoing implementation of the Central Bank of Nigeria’s (CBN’s) foreign exchange (forex) policy will boost dollar inflow.
Okonkwo, who spoke on the theme: “Driving Growth in the Non-oil Sector”, at a breakfast session of the Nigerian-American Chamber of Commerce (NACC), in Lagos, said the key to growing the value of the naira remained the diversification of the revenue base through non-oil exports.
This, he said, would correct the trade imbalance in the economy. He explained that there had been efforts across key sectors of the economy to shift the revenue equation away from crude oil.
Represented by the bank’s Executive Director, Nneka Onyali-Ikpe, the CEO identified key imperatives to fast-track growth in the non-oil sector to include infrastructure development.
He said the bullish drive in the area of infrastructure development was needed to reduce business operating cost.
Furthermore, he said emphasis should be on how to improve power, transport (railways/seaports), storage facilities for agricultural produce and broadband penetration.
In addition, he said there was need for intra-regional trade enhancement, adding that more work was required on the Economic Community of West African States (ECOWAS) Trade Liberalisation Scheme to facilitate the seamless flow of trade into the ECOWAS sub-region.
He also said there was need to improve security and enabling business environment, adding that it was needed to encourage new entrants and also improve foreign direct investments (FDIs); more streamlined and expedited business registration and incorporation process and favourable tax and other fiscal regimes.