The Central Bank of Nigeria (CBN) has said that a total of $4.987 billion have been repatriated into the country by non-oil exporters in 2022.
Speaking in Lagos at the second edition of the RT200 bi-annual conference, tagged, “RT200 Non-Oil Export Program: The Journey So Far,” the CBN Governor, Godwin Emefiele said this is higher than the $3.190 billion repatriated in 2021.
He said of this amount only $1.966 billion qualified for the rebate program, but only $1.559 billion was sold at the I & E window, adding that the CBN has also paid out about N81 billion in rebate to hard working Nigeria exporters.
According to him, this is a testament to the resolve of the CBN to ensure quick acceleration of the export value chain in the country.
Emefiele said, “I know that there have been calls to make all exporters eligible for the rebate, and not just limiting 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 earn more from their export business.
“Economists have well documented positive relationship between export and industrialization. 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.
“We must help our exporters and our economy by adding value to what we produce and export. We are already getting feedbacks from banks on the interest by exporters to add value to the products they export in order to allow them 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 so that they can benefits not only from the scheme but get better value for their exports.Distinguished Participants,” he said.
Speaking further, Emefiele said that the bank is committed to strengthening and expanding foreign exchange supply into the market.
For exporters, flying the flag of Nigeria in the international market, he maintained that the Bankers’ Committee and the CBN stands ready to partner with them to achieve their goals.
Emefiele stated that many developing nations have since identified export as a leading priority for their indigenous firms and several countries have developed export-oriented trade strategies and extensive assistance programs to encourage export expansion.
Consequently, the Central Bank of Nigeria with the support of the Banker’s Committee in February 2022, introduced the RT200 program, which is aimed at raising $200billion in foreign exchange earnings over the next 3-5 years strictly from non-oil exports.
According to him, many developing nations have since identified export as a leading priority for their indigenous firms and several countries have developed export-oriented trade strategies and extensive assistance programs to encourage export expansion.
Emefiele however, thanked the Banks, Nigeria Custom Services, The Nigeria Export Promotion Council, Nigeria Ports Authority (NPA), hardworking Nigeria exporters flying the Nigerian flag everywhere for making this program a success.
He maintained that some achievements have been recorded in automation and digitization of the trade processes.
“As of today, SONCAP and NAFDAC certificate and Marine insurance certificate are automated and fully integrated with the Trade Monitoring System.
“In addition, we are working with Quarantine Service to integrate their permits and certificates into the system and very soon the NPA eCall Up System will also be integrated. Some other enhancements measures have also been done with eNXP including integration with SGD and the development of the PIA portal aimed at the digitization of the process of issuing Clean Certificate of Inspection (CCIs) by PIAs and ease of scheduling of inspection by exporters,” he said.
