How exporters can generate forex, reduce CBN dependence
Nigerian exporters can significantly reduce their reliance on the Central Bank of Nigeria (CBN) for foreign exchange by adopting self-sustaining forex strategies, industry experts have said.
These include leveraging offshore accounts, diaspora bonds, and export-linked forex retention schemes to retain and utilise a portion of their foreign earnings for operational needs—minimising pressure on the CBN and contributing to a more stable forex market.
Speaking at a town hall meeting organized by the Bankers’ Committee in Lagos, Dr. Bamidele Ayemibo, Lead Consultant at 3T Impex Consulting, emphasized the need to expand the country’s exporter base.
“Nigeria has only about 1,200 exporters, according to the NEPC, compared to tens of thousands in other nations.
“We need to deliberately scale this number, especially since many importers are already halfway positioned to transition into export,” he said.
Dr. Ayemibo also advocated for single-digit interest loans for exporters and stressed the importance of building an export-ready population.
“Funding is a challenge, but more critical is readiness. If people are export-ready, they can attract funding from alternative sources beyond traditional banks, such as venture capital or private investors,” he added.
Dr. Aisha Olatiwon, Director of Consumer Protection and Financial Inclusion at the CBN, highlighted the need to build capacity across value chains to make Nigerian products more globally competitive.
“Meeting international standards is key—not just for export growth, but for instilling confidence in locally made goods,” she noted.
Also speaking, Dr. Chinyere Tony-Eke, Group Head of Digital Banking at Globus Bank, called for structured collaboration among government, private sector, and communities to drive export growth. “Awareness exists, but access and technical know-how remain the biggest barriers,” she said, calling for grassroots-level training.
The Executive Chairman of the Lagos Inland Revenue Service (LIRS), Mr. Ayo Subair, emphasised the role of taxation in supporting export-driven growth.
“A transparent and efficient tax system builds the foundation for innovation, infrastructure, and competitiveness,” he said.
Meanwhile, President of the Manufacturers Association of Nigeria, Otunba Francis Meshioye, urged banks to revisit their support for the production sector.
“Manufacturers spent about N1.3 trillion on interest and another N1.2 trillion on energy in 2024—making up over 60 percent of production costs. Lowering these costs is crucial to achieving export competitiveness,” he said.
Across the board, stakeholders agreed: Nigeria must prioritise quality, affordability, and deliberate policy support to grow exports and reduce forex dependency.