Forex inflow of $4.9bn came in from non-oil exports in 9 months

Wednesday, 30 November 2022 05:54

Forex inflow of $4.9bn came in from non-oil exports in 9 months - CBN

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Central Bank of Nigeria (CBN) says non-oil exporters repatriated $4.98 billion into the country in the first nine months of the year.

Godwin Emefiele, CBN governor, disclosed this during his keynote address at the second edition of the RT200 biannual non-oil export summit, held in Lagos on Tuesday.

The summit is themed ‘RT200 Non-Oil Export Programme: The Journey So Far’.

In February, CBN disclosed plans to pay a rebate of N65 to exporters for every $1 of goods sold to third parties through the investors and exporters (I&E) window.

The N65 bonus is a benefit under the RT 200 non-oil export proceeds repatriation rebate scheme.

Emefiele said the CBN also paid N81 billion rebate to exporters during the period under review.

“So far, in the first three quarters of 2022, $4.987 billion have been repatriated into the country from non-oil exporters, which is higher than $4.190 billion repatriated in the whole of 2021,” he said.

“Of this sum, $1.966 billion qualified for the rebate program but only $1.955 billion was sold at the I&E window.

“The CBN has also paid out N81 billion in rebates to hardworking Nigerian exporters. You could see the N81 billion that we have paid in three quarters.”

He urged Nigerian exporters to continue to improve their products’ quality to benefit from the CBN’s RT200 FX programme.

According to him, non-oil export is a more sustainable means of increasing financial flows into the Nigerian economy and spurring rapid growth.

He said the apex bank would like to collaborate with the ministry of trade and investment to see how to improve the non-oil export sector so that exporters will be encouraged to do more and earn rebates.

“This N81bn we have paid so far is a testament to the resolve of the CBN to ensure quick acceleration of the export value chain in the country,” the CBN governor said.

“I know there have been calls to make all exporters or all export products eligible for this rebate and not limit it to finished and semi-finished products.

“While we see the justification for this call, however, one of the goals of the RT-200 programme is to help quicken the process of industrialisation and encourage exporters.”

Emefiele further explained that the second edition of the summit is aimed at assessing the scheme’s achievements and the result of the collaborative efforts by all stakeholders in the export value chain.

The Cable