Non-oil exporters repatriated $4.987bn into Nigeria in 9 months — CBN

The Central Bank of Nigeria (CBN), says in the last three quarters of 2022, $4,987 billion have been repatriated into Nigeria from non-oil exporters, higher than the $4,190 billion repatriated in the whole of 2021.

The CBN Governor, Godwin Emefiele, who disclosed this during a  keynote address at the 2nd Edition of the RT200 Biannual Non-Oil Export Summit, held at Eko Hotel & Suites, Victoria Island, Lagos, said N81 billion has also been paid as rebate in the third quarter of 2022.

He stated that of the sum $1,966 billion qualified for the rebate program under the RT200 initiative, but only $1,955 billion was sold at the I&E window.

He added that the success of the RT200  scheme had created a formidable premise to make all export products eligible for this rebate and not just limit it to finished and semi-finished products.

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“I know there have been calls to make all exporters eligible for the rebate 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 quicken the process of industrialization and encourage exporters to earn more from their export business,” Emefiele stated.

He said the conference looks at what has been achieved since the first summit and the result of the collaborative efforts by all stakeholders in the export value chain, as well as areas for further improvement and collaboration.

“We must help our exporters and our economy by adding value to what we produce and export. We are already getting feedback from banks on the interest of exporters to add value to the products they export to allow them to benefit from the program.

“We are happy that this is happening, and we encourage more exporters to find ways to add value to their export products to benefit from the scheme and get a better deal for their exports.

“We are happy that this is happening, and we encourage more exporters to find ways to add value to their export products so that they can benefit not only from the scheme but get better value for their exports.”