- GTBank Sensitises Exporters on Opportunities in Non-oil Sector
As part of its resolve in bridging the communication gap and fostering better working relationship with a cross-section of its customers, Guaranty Trust Bank Plc (GTBank) recently organised a one-day non-oil workshop in Lagos.
The workshop brought together major regulators and some of its key exporters to dialogue on issues affecting trade, forex and export activities, thereby providing an avenue for all stakeholders to address lingering issues affecting the non-oil export business in Nigeria.
It was divided into two panel discussions- technical and commercial. The technical panel discussion comprised Nigeria Customs Service, Nigerian Agricultural Quarantine Services, Federal Produce Inspection Services, Carmine Assayer Limited Inspection Services. On the other hand, the commercial panel comprised Central Bank of Nigeria, Nigeria Export-Import Bank, Nigerian Export Promotion Council and GTBank. The agencies explained their mandates as regards non-oil export business in Nigeria.
According to a statement, one of the major points of discussion was the utilisation of export proceeds. Majority of the exporters in attendance decried the CBN directive as regards export proceeds utilisation.
In February 2015, CBN had come out with a circular notifying the public that export proceeds can only be used for eligible trade transactions or sold to the authorised dealer bank for the naira equivalent. This, the exporters unanimously said, was not favorable as the price at which they source commodities for their export is benchmarked against the parallel market rate, meaning selling the proceeds at the official rate to the commercial banks is not profitable.
The CBN representative, Mr. Vincent opined that exporters can write to CBN through their banks for such request for approval. He also added that the CBN is looking into ways of giving more flexibility to the policy on utilisation of export proceeds.
On the Export Stimulation Fund, Abiola Aderonmu representing FTN Cocoa Processors enquired if/when it will be approved. Vincent assured that the funds will be disbursed to the applicants once the requirements are met. He further stated that measures had been put in place to support businesses in the country, stimulate growth and grow the economy. He also called on importers to ensure that the country benefits from what they are importing.