Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has urged for an increase in non-oil export earnings in the country.
Speaking at the Biannual RT200 Non-Oil Export Summit, Emefiele highlighted the importance of non-oil exports for a stable external balance and safeguarding the local currency.
“A nation that continues to consume more than it produces, a nation that imports more than it exports, is a nation that is destined to fail as there will be no meaningful development of any nation without harnessing its export sector potentials for the good of the nation,” Emefiele said.
Emefiele also noted the need for effective repatriation of export earnings, citing examples from other countries.
“In some countries, the period of repatriation ranges from less than six months from exportation of the product and could result in prosecution if proceeds are not repatriated on time. In Ghana, for example, export earnings must be repatriated to the country, at least 40 percent of which must be converted to the domestic currency within 15 working days of repatriation.”
The governor highlighted the progress made by the RT200 programme since its establishment in February 2022, saying “available data shows that repatriation due to the programme increased by 40 percent from US$3.0 billion in 2021 to US$5.6 billion at the end of 2022.”
He also encouraged exporters to take advantage of the rebate by holding their export proceeds in their domiciliary accounts and selling them at the Investors and Exporters window.
“Please note that proceeds that are not sold at the I&E window cannot and will not be eligible for the rebate. So, we encourage holding their export proceeds in their domiciliary accounts to take advantage of the rebate by selling them at the I&E window,” Emefiele added.
The RT200 Non-Oil Export Summit is a platform that brings together stakeholders in the non-oil export sector to discuss the promotion and growth of non-oil exports in Nigeria.
