Export proceeds rise by 40%, CBN reveals

Central Bank of Nigeria’s Governor, Mr. Godwin Emefiele, stated on Tuesday that the repatriation of export revenues into the nation increased by 40% to $5.6 billion in 2022.

He said this was a result of the implementation of the Race to $200 billion (RT 200) project, adding, that the apex bank had so far given exporters N144 billion in rebates under the rebate programme.

Emefiele made this announcement in Lagos at the third RT 200 Non Oil Export meeting.

The summit was convened under the topic “RT200: Challenges and Prospects to Success” to assess the success of the RT 200 initiative, which was initiated in the first half of 2022 with the goal of raising $200 billion in currency profits from non-oil proceeds over the following three to five years.

A significant component of the initiative is a rebate system, which is intended to encourage non-oil exporters to repatriate their export revenues and sell them on the foreign exchange market.

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As part of the programme, the CBN offers rebates of N65 or N35 for each dollar of exports that are repatriated and sold to Authorised Dealer Banks for use by third parties or their own businesses, respectively, at the Investors and Exporters, I&E window.

Emefiele stated: “The RT200 programme has made good progress in export proceeds repatriation since its establishment in February 2022. Available data shows that repatriation due to the programme increased by 40 percent from $3.0 billion in 2021 to $5.6 billion at the end of 2022.

“The momentum for 2023 is equally showing strong numbers and impressive prospects. In the first quarter of 2023, a total of $1.7 billion was repatriated to the economy while about $790 million was sold at the Investors & Exporters (I&E) window year-to-date.”

Speaking further, Emefiele warned against export without documentation saying CBN will soon impose sanctions on shipping lines that engage in such practice.

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