Non-Oil Export Proceeds Near $1bn – Emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has expressed optimism that export proceeds repatriation for rebate will hit $1 billion by the fourth quarter of 2022.

Emefiele said this at a press conference on the outcome of the 13th annual Bankers’ Committee retreat in Lagos.

He said tremendous progress had been made in generating non-oil export revenue through the RT200 programme which started in February.

“During the six weeks in February and March when the programme started, rebates of N65 were given, export proceeds repatriation that earned rebate was about $62m. During the second quarter, export proceeds repatriation that earned rebate was about $622m, and in the third quarter we saw almost about $850m of export proceeds that earned rebate.

“This is not export proceeds that did not earn rebates. Let’s not forget the rebate is only meant for processed goods. So, by the time we add both processed and unprocessed goods like unprocessed cocoa and cashew, we actually ran into almost $1bn during the third quarter.

“And we are beginning to think that we should be able to continue to ramp up. We are looking hopefully in the fourth quarter, which we will be seeing in January, we hope that we should be able to hit over a billion dollars in export proceeds and repatriations that will qualify for rebate,’’ Emefiele said.

While recalling that earlier in the year the apex bank had threatened banks to source for foreign exchange (forex) to meet the needs of their customers and not entirely rely on CBN sources, he said the committee agreed that the apex bank should continue to sell forex to banks following the success of the RT200 initiative.

“But seeing the progress that has been made so far, we are talking about $62m plus $622m plus $850m, we are talking of almost $2bn,” he added.