CBN moves to enable commercial banks to meet foreign exchange needs

The Central Bank of Nigeria (CBN) is proposing a new initiative called RT200 PX which will compel commercial banks to source for their foreign exchange needs through the promotion of non-oil exports as a means of deepening the diversification of the economy as well as strengthen the country’s foreign exchange reserves.

Managing Director of the Industrial Training Fund (ITF), Sir. Joseph Ari, who disclosed it during the 2021 annual review meeting at the Fund’s headquarters in Jos, Plateau State, said on Tuesday that the program which aims to generate more than two hundred billion dollars, will involve the CBN encouraging commercial banks to support MSME value chains for non-oil exports.

He further revealed that the Minister of Finance, Budget and National Planning had recently announced the Federal Government’s decision to prioritize human capital development as part of measures to catalyze Nigeria’s rapid economic development.

“As a result, the Minister announced that the Federal Government, in the Budget for the year 2022, would commit over N2 trillion Naira for capacity development of Nigerians. These are just three examples of the many policies and programs that have been unveiled by the government as part of its efforts to develop the national economy,” he said.

According to him, in order for the Industrial Training Fund to take an interest in these programs in order to exploit their clear potential for the benefit of the ITF, Ari instructed management and staff to redouble their efforts and be ready to adapt their energies to the aspirations of the federal government.

“Furthermore, in order for us to live up to our vision of being the leading training and skills development organization in Nigeria and one of the best in the world, we will continue to seek a new way of doing things that will engender growth and better results which is the true meaning of ideation and innovation.

“Similarly, we must strive to be more productive and think outside the box to come up with innovative ideas and strategies that will take us to greater heights,” he said.

He was, however, pleased that stakeholders regularly rely on the Fund’s advocacy to emphasize skills acquisition as a vehicle and a real tool for poverty reduction, job creation and development. overall national growth.

Sir Ari hailed the bold step taken by the National Assembly to initiate legislative processes for the inclusion of Technical and Vocational Education and Training (TVET) in school curricula, adding that this step will expose Nigerians to practical skills at an early stage and thus eliminate existing prejudices against TVET and the perception of technical skills as a preserve for certain classes of society.

The Director-General therefore congratulated the entire staff of the organization for their resilience, determination, dedication and commitment, which explains most of the successes recorded.

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