The Central Bank of Nigeria has expanded its non-oil export rebate program, opening it up to additional sectors as it seeks to boost dollar inflows amid slumping oil production.
The apex bank will pay naira incentives to exporters of
primary goods or raw materials that repatriate dollars to encourage them to
export more, the lender said in emailed statement on Thursday.
This amends an initial rule released last year that applied
only to exporters of finished and semi-finished goods, and takes effect
retroactively from April 1.
Under the scheme, exporters of raw materials will get N25
per dollar of repatriated export earnings compared to N65 per dollar paid to
exporters of processed items.
Recall that the CBN Governor, Godwin Emefiele, while
recently reviewing the impact of the implementation of the export rebate regime
under its ‘Race to $200 billion (RT 200)’ programme, noted that the scheme has
made good progress in export proceeds repatriation since its establishment in
February 2022, with available data showing 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.
In 2022 CBN mobilsed commercial banks to provide incentives
to exporters to repatriate their earnings to help the country reverse declining
dollar inflows caused by low oil production and fleeing foreign investors
avoiding the country’s restrictions around dollar outflows and multiple
exchange rates.
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