RT 200: Exports proceeds repatriation increased by 40% to $5.6bn — Emefiele
…To sanction shipping companies exporting undocumented cargoes
By Akinyemi Precious
The Governor, Central Bank Of Nigeria (CBN),Mr Godwin Emefiele has disclosed that export proceeds repatriation increased by 40 per cent from US $3.0 billion in 2021 to US $5.6 billion at the end of 2022 due to Race to $200 billion (RT200) programme.
He said this in his keynote address at the third edition of the Biannual RT 200 Non-Oil Export summit held on Tuesday at Lagos Continental Hotel, Victoria Island in Lagos on Tuesday.
The theme being “RT 200: Challenges and Prospects to Success” was organised to x-ray the challenges and opportunities associated with the programme and proceeds more workable solutions for successful implementation of the programme for greater results going forward.
In his words, “RT 200 programme has made good progress in export proceed repatriation since its establishment in February 2022. Available data shows that repatriation due to the programme increased by 40 per cent from US $3.0 billion in 2021 to US $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 US $1.7 billion was repatriated to the economy while about $790 million was sold at (Investors and Exporters)I&E window year to date.”
He made it known that the challenges facing the country are many and evolving and they require the enactment of unconventional, innovative, supportive and complementary macro economic policy actions that are inclined towards a market based financing system.
He however noted that there was need for innovative ideas that sprung from deep thinking and powered by technology to engender growth and rapid transformation.
Unfolding global economic development suggested that monetary policy was reaching its limit and needed complimentary help from other spheres of the economy to propel for sustainable advancement.
He also reiterated that diversification of the economy should be taken seriously as there is the need to synergise for the benefit of the nation and to implement a coordinated policy agenda that would support the economy and improve economic activities.
He further said that developing the Non-Oil export sector is an imperative that holds vast potential for generating a significant amount of foreign exchange earnings.
CBN however threatened that there will be sanctions for shipping lines that engage in exporting undocumented cargoes. He said that the Nigerian Customs, Nigerian Ports Authority, Shipping lines and agents would be engaged in order to handle these.
“We have so far not done anything like that because we feel that our shipping lines will be responsible to do what is right but if we do not see the kind of cooperation that we expect. I’d have to insist that we do what we need to do,” he said.
In attendance were CBN Deputy Governors, Managing Directors of various banks,major stakeholders including President, Dangote Group, Aliko Dangote; Nigerian Port Authority; Shippers Council; Customs amidst others.
