The Central Bank of Nigeria (CBN), has revealed that in order to diversify foreign currency revenue creation, it gave N81 billion in refunds to non-oil exporters in the country.
The CBN Governor, Godwin Emefiele, made the announcement on Tuesday during the second edition of the RT200 Bi-annual Conference in Lagos, titled “RT200 Non-Oil Export Program: The Journey So Far.”
Emefiele pointed out that just $1.96 billion of the $4.987 billion non-oil export revenues repatriated into Nigeria in 2022 qualified for the refund scheme.
Emefiele further stated that $1.559 billion was “sold via the Investors and Exporters window or for private use.”He said that the recovery exemplified the top bank’s determination to tighten 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 informed attendees that the non-oil industry was sufficient to alter the country’s economic structure from one of undervalued sectors to one of more productive businesses with higher margins pushed by technology.
He expressed confidence about the RT200’s success, citing the results of the past three quarters as evidence of the apex bank’s commitment to facilitating non-oil exports in the nation.
He pointed out that, while the program was designed to help exporters, its primary focus was on the export of finished and semi-finished goods.
He stated that the CBN had made many funding programs available to exporters in order to help them build their enterprises.
“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.
