CBN pays N81bn rebate to non-oil exporters
The Central Bank of Nigeria said the non-oil export proceeds repatriated into Nigeria soared to $4.987bn in 2022 from $3.1bn recorded in 2021. The bank further said in a bid to widen the foreign exchange revenue generation, it paid N81bn in rebates to non-oil exporters in the country. The Governor of the CBN, Godwin Emefiele, made this disclosure on Tuesday during the second edition of the RT200 Bi-annual Conference dubbed, “RT200 Non-Oil Export Program: The Journey So Far” in Lagos. Emefiele noted that of the $4.987bn, only $1.96bn qualified for the rebate programme. The apex bank governor added that $1.559 billion was “sold at the Investors and Exporters window or for own use.” He noted that the recovery epitomised the resolve of the apex bank to fasten the acceleration of the export value chain in the country. “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 noted.