Non-oil Exporters Repatriated $4.99bn In 2022 – Emefiele

The Central Bank of Nigeria (CBN) says that non-oil exporters repatriated the sum of $4.99 billion into Nigeria in 2022.

Godwin Emefiele,  Governor of the CBN disclosed this while delivering a keynote address at the second edition of the RT-200 Bi-annual Export Summit on Tuesday in Lagos.

The theme of the summit is: “RT Non-Oil Export: The Journey So Far.”

Emefiele said that the 2022 figure was higher when compared with $3.19 billion repatriated in 2021.

“Of this amount, only $1.97 billion qualified for the rebate programme, while only $1.56 billion was sold at the Investors and Exporters (I & E) window or for own use,” he said.

Emefiele said that the apex bank paid out about N81 billion in rebates to Nigerian exporters during the period.

“This is a testament to the resolve of the CBN to ensure quick acceleration of the export value chain in the country.

“I know there have been calls to make all exporters eligible for the rebate, 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.

“Economists have well-documented a positive relationship between export and industrialisation,” Emefiele said.

The governor noted that export could transform the economic structure of countries from simple, slow-growing, and low-value activities to more productive activities that enjoy more significant margins driven by technology.

Emefiele said that all hands should be on deck to help exporters and the economy by adding value to what they produce and export.