CBN pays N81bn rebate to non-oil exporters

The Central Bank of Nigeria said repatriated non-oil export earnings to Nigeria soared to $4.987 billion in 2022 from $3.1 billion recorded in 2021.

The bank further said that in a bid to expand foreign exchange earnings generation, it paid 81 billion naira in rebates to the country’s non-oil exporters.

CBN Governor Godwin Emefiele made the disclosure on Tuesday during the second edition of the biannual RT200 Conference dubbed “RT200 Non-oil Export Program – The Journey So Far” in Lagos.

Emefiele noted that of the $4.987 million, only $1.96 billion qualified for the rebate program.

The governor of the central bank added that $1,559 million were “sold at the Investors and Exporters window or for own use.”

He noted that the recovery epitomized the major bank’s determination to accelerate the acceleration of the export value chain in the country.

“I know there have been calls for all exporters to be eligible for the discount, and not just limit it to finished and semi-finished products.

“While we see some justification for this, one of the goals of the RT200 program is to help speed up the industrialization process and encourage exporters to earn more from their export business,” Emefiele noted.

He told the participants that the non-oil sector was enough to transform the country’s economic structure from an undervalued economy to one with more productive activities, enjoying higher margins driven by technologies.

He expressed optimism about the progress of the RT200 while highlighting the performances registered in the last three quarters, noting that they demonstrated the commitment of the main bank to facilitate non-oil exports in the country.

He noted that while the program was intended to facilitate the activities of exporters, its main focus was on the export of finished and semi-finished products.

He said that the CBN had put in place various financial programs accessible to exporters to grow their businesses.

“For exporters flying the Nigerian flag in the international market, the CBN, in collaboration with the Bankers Committee, stands ready to partner with them to achieve their goals.”

“We must help our exporters and our economy by adding value to what we produce and export.”

The Governor of Lagos State, Babajide Sanwo-Olu, pointed out the importance of export in the economy.

He noted that port congestion was one of the main challenges facing exporters and assured that the state government was doing everything possible to decongest ports to ease the rigors of exporters.

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