By Valentine Amanze, Online Editor
The Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) has commended the Central Bank of Nigeria (CBN) for the introduction of naira-for-dollar scheme.
The Director General of NACCIMA, Ambassador Ayo Olukanni, said that the scheme if properly implemented would have positive impact on the nation’s modest exit from recession, boost foreign exchange input and result in reduction of pressure on the naira.
He also urged the Nigerian government to pay more attention to the non-oil sector to fully turnaround the economy.
Olukanni, who spoke for NACCIMA stressed: “We are of the view that other area, which deserves attention in the quest to increase forex inflow, is our non-oil exports which is yet to be fully tapped due to reasons we all know.
“We hope to see appropriate incentives to boost foreign exchange by scaling up our non-oil exports as we grapple with what should be done to ensure inflow of forex and also shore up the naira.”
Olukanni, however, pointed out that the Diaspora remittances had always been identified as an important component part of inflow of foreign exchange into the Nigerian economy.
“This is perhaps what inspired this “Naira 4 dollar Scheme” by the CBN,” he said.
He explained that annual figures in recent years range from $22 billion in 2017 to $23.63 in 2018 and projection before COVID-19 was that it would go as high as $35 billion by 2023.
Besides, he said that the scheme contributed as much as six percent of Nigeria’s GDP, stressing that it was economically significant in meeting Nigeria’s developmental aspirations hence it has received a lot of attention.
“The Nigerian in Diaspora Organisation (NIDO) initiative which officially started in 2000 and the eventual creation of the Nigerian Diaspora Commission by the National Assembly were all part of the various efforts to harness the full potentials of the Nigerian Diaspora, including remittances which in addition to supporting households, can also be channelled into national development.
“All of these must have led to the steps taken by CBN to encourage remittances,” he said.
He pointed out that COVID-19 led to a slowdown especially in year 2020, stressing, “As the global economy rebounds and takes a new upward trajectory I am of the view that this is why the CBN has taken this strategic options to encourage remittances from the Diaspora which is quite huge and located across the world.”
