NGX Group develops strategies to maintain market dominance
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has called for support for the Produce, Add Value and Export (PAVE) initiative which is expected to boost Nigerian consumption and export of local products.
This call was made by the Governor of the Apex Bank, Mr. Godwin Emefiele, who further stated that the PAVE initiative is akin to the export-led industrialization policy of Southeast Asia, that changed the economic fortunes of countries such as South Korea, Taiwan, Malaysia and Singapore.
Delivering a virtual message in Akure, Ondo State during the 32nd CBN-organized seminar for financial correspondents and business writers on the topic Exchange rate management and economic diversification in Nigeria: the “PAVE” optionDeputy Governor, Corporate Services, CBN, Mr. Edward Adamu, said the initiative was designed to be key to accelerating a bucket of crude oil export substitutes.
According to him, he encourages backward integration for the local production of selected items, urging everyone to ensure the success of PAVE, noting that “the initiative would mitigate future severe consequences of shocks beyond our control.
“I realize that our goals may seem ambitious to some. But I am resolute and determined that we can achieve it.
“Many countries that are much less endowed than Nigeria are doing this. Consider, for example, that agricultural exports from the Netherlands alone amounted to around US$120 billion last year.
“Yet the Netherlands has a landmass of around 42,000 square kilometres, which is much smaller than the landmass of Niger State alone, at over 76,000 square kilometres.”
Regarding COVID-19, he said it was one of the greatest crises humanity has faced in recent history.
“The pandemic has impacted economies and disrupted business activities globally,” he said.
“It is expected that Nigeria, like most commodity-dependent countries, has not been spared from the deleterious impact of the pandemic, given our dependence on the export of crude oil as a source of major revenue and currency.”
He said that despite the headwinds associated with the pandemic, the bank would continue to work very hard to ensure that Nigeria remained a vibrant economy.
According to him, it should remain vibrant with a diverse mix of opportunities in sectors such as ICT, manufacturing, solid minerals, trading and agriculture.
He said that despite the modest achievements, the bank would not rest on its oars as the work was far from complete.