Non-oil export proceeds up by $1.79b as CBN pays N81b rebate

 

Minister of Industry, Trade and Investment, Niyi Adebayo(left); Lagos State Governor, Babajide Sanwo-Olu; Governor, Central Bank of Nigeria (CBN) Godwin Emefiele; Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe; Chief Executive Officer, Zenith Bank, Ebenezer Onyeagwu; and Chief Executive Officer, GTCO, Segun Agbaje at the 2nd Edition of RT200 Non-Oil Export Summit in Lagos yesterday.

By Michael Akinadewo

The Central Bank of Nigeria (CBN) yesterday, said it has paid out about N81 billion in rebates to hard-working Nigerian exporters as part of measures to ensure development of the export value chain in the country,

The bank also disclosed that non-oil export proceeds repatriated into the country increased by $1.797 billion in one year from a total of $3.190 billion repatriated in 2021 to $4.987 billion in 2022.

Speaking yesterday in Lagos at the second edition of the RT200 bi-annual conference with the theme: “RT200 Non-Oil Export Program: The Journey So Far”, Emefiele noted that of this amount, only $1.966 billion qualified for the rebate program, but only $1.559 billion was sold at the Investors and Exporters (I &E) window or for own use.

According to the CBN governor, events in the last three quarters have shown that when the bank makes a commitment, it keeps that commitment to the latter.

“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 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.

For exporters flying the flag of Nigeria in the international market, Emefiele said the Bankers’ Committee and the CBN stand ready to partner with them to achieve their goals. He said the exporters can benefit from the many financial programmes introduced by the CBN through their bank to grow their businesses.

“Export can transform the economic structure of countries, from simple, slow-growing, and low-value activities to more productive activities that enjoy greater margins driven by technology”, he added.

His words, “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 in order to allow them to benefit from the programme.