CBN Pays N81bn Refund To Non-Oil Exporters.

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The Central Bank of Nigeria said the non-oil export proceeds repatriated into Nigeria soared to $4.987bn in 2022 from $3.1bn recorded in 2021.

The bank further said in a bid to widen the foreign exchange revenue generation, it paid N81bn in rebates to non-oil exporters in the country.

The Governor of the CBN, Godwin Emefiele, made this disclosure on Tuesday during the second edition of the RT200 Bi-annual Conference dubbed, “RT200 Non-Oil Export Program: The Journey So Far” in Lagos.

Emefiele noted that of the $4.987bn, only $1.96bn qualified for the rebate programme.

The apex bank governor added that $1.559 billion was “sold at the Investors and Exporters window or for own use.”

He noted that the recovery epitomised the resolve of the apex bank to fasten the acceleration of the export value chain in the country.

“I know that 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 programme is to help quicken the process of industrialisation and encourage exporters to earn more from their export business,” Emefiele noted.

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

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

He noted that even though the programme was aimed at facilitating the activities of exporters, its main focus was on the export of finished and semi-finished products.

He said that the CBN had rolled out several financial programmes accessible to exporters to grow their businesses.

“For exporters flying the flag of Nigeria 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 congestion at the ports was one of the major challenges plaguing the exporters while assuring that the state government was doing its best to decongest the ports to ease the rigours for exporters.

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