The Center Bank of Nigeria (CBN) has stated that it has given N81 billion in rebates in rebates to hard-working Nigerian exporters.
The CBN Governor, Mr. Godwin Emefiele, disclosed this during a Keynote Address at the 2nd Edition of the RT200 Biannual Non-Oil Export Summit, held at Eko Hotel & Suites, Victoria Island, Lagos,
He stated that the N81 billion paid so far as a rebate is a testament to the resolve of the CBN to ensure quick acceleration of the export value chain in the country.
What the CBN is saying
He said, “In the last 3 quarters, $4,987 billion have been repatriated into the country from non-oil exporters, which is higher than $4,190 billion repatriated in the whole of 2021; of this sum $1,966 billion qualified for the rebate program but only $1,955 billion was sold at the I&E window.”
“CBN has also paid out 81 billion Naira in rebate* to hardworking Nigerian exporters in the third quarter of 2022,” he added
He added that the success of the RT200 scheme achievement had created a formidable premise to make all export products eligible for this rebate and not just limit it to finished and semi-finished products.
“I know 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 program is to help quicken the process of industrialization and encourage exporters to earn more from their export business,” Emefiele stated.
He said the conference looks at what has been achieved since the first summit and the result of the collaborative efforts by all stakeholders in the export value chain, as well as areas for further improvement and collaboration.
His words, “We must help our exporters and our economy by adding value to what we produce and export. We are already getting feedback from banks on the interest of exporters to add value to the products they export to allow them to benefit from the program.
“We are happy that this is happening, and we encourage more exporters to find ways to add value to their export products to benefit from the scheme and get a better deals for their exports.
“We are already getting feedback from banks on the interest by exporters to add value to the products they export to allow them to benefit from the program. We are happy that this is happening, and we encourage more exporters to find ways to add value to their export products so that they can benefit not only from the scheme but get better value for their exports.”
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