The Central Bank of Nigeria said that non-oil exporters repatriated the sum of $4.99 billion into Nigeria in 2022.
CBN Governor, Godwin Emefiele, 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 was “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.
“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,” he said.
The CBN governor said that the bank is committed to strengthening and expanding foreign exchange supply into the market.
“You are all important in this national clarion call to expand the supply of foreign exchange to the country.
“For exporters flying the flag of Nigeria in the international market, the Bankers Committee and the CBN stand ready to partner with you to achieve your goals.
“You can benefit from the many financial programmes introduced by the CBN through your bank to grow your business.
“Therefore, I call on this gathering to candidly interact and make constructive and innovative suggestions for exploring the non-oil export sector as a more sustainable means of increasing financial flows into the economy and generating employment to spur growth.
”This is the time for all of us to work together to reposition Nigeria on a growth trajectory by taking the diversification of the economy seriously.
There is no time like now to start working in synergy for the good of our nation. We must coordinate and collaborate on policies to improve the economic activities in the non-oil sector,” Emefiele said.