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Non-oil exports rise $1.79b as CBN rebates N81b

Non-oil exports rise $1.79b as CBN rebates N81b

Yesterday, the Central Bank of Nigeria (CBN) announced that as part of its efforts to encourage the growth of the export value chain in the nation, it has given hardworking Nigerian exporters rebates of nearly N81 billion.

The bank also revealed that the entire amount of non-oil export revenues repatriated into the nation climbed by $1.797 billion in one year, from $3.190 billion to $4.987 billion in 2022, from the total amount returned in 2021.

Emefiele noted that only $1.966 billion of this total qualified for the rebate program, and only $1.559 billion was sold at the Investors and Exporters (I & E) window or for own use. He was speaking yesterday in Lagos at the second edition of the RT200 bi-annual conference with the theme: “RT200 Non-Oil Export Program: The Journey So Far.”

The CBN governor asserts that recent events have demonstrated the bank’s ability to uphold commitments made to third parties.

According to him, the conference examines the results of the joint efforts made by all parties involved in the export value chain since the first summit as well as potential areas for future improvement.

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Emefiele stated that the Bankers’ Committee and the CBN are prepared to work with exporters representing Nigeria in the world market to help them realize their objectives. He claimed that the numerous financial initiatives launched by the CBN through their bank can help exporters expand their operations.

He claimed that export can change a country’s economic structure from simple, slowly-growing, and low-value businesses to more productive activities that enjoy higher margins supported by technology.

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