Emefiele Says Non-Oil Exporters Fetched Nigeria N2.1trn Forex This Year

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said $4.987 billion (about N2.1 trillion) has been repatriated to Nigeria by non-oil exporters so far in 2022.

Emefiele, who spoke at the second edition of the RT200 Export Summit in Lagos, said the figure is higher than the $3.190bn repatriated in 2021.

While noting that the RT200 programme launched in February, aimed at raising $ 200 billion in foreign exchange earnings over the next 3-5 years strictly from non-oil exports has been successful, he said the CBN has also paid out about N81 billion in rebates to hard-working Nigerian exporters.

“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 industrialization and encourage exporters to earn more from their export business,” he said.

Noting that export can 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, he said there is a need to add value to what we produce and export.

“We are already getting feedback from banks of interest by exporters in adding value to the products they export to allow them to benefit from the programme. We are happy that this is happening, and we encourage more exporters to find ways to add value to their exports so that they can benefit not only from the scheme but get better value for their exports,” Emefiele added.

The summit also witnessed panel discussions led by chief executive officers of banks, heads of government agencies and other stakeholders.