The Central Bank of Nigeria (CBN) has issued a warning that it will sanction any shipping line that exports undocumented cargoes from Nigeria, as part of efforts to boost non-oil export earnings and safeguard the value of the local currency.
In his keynote address at the Third Edition of the Biannual RT200 Non-Oil Export Summit, the Governor of the Central Bank of Nigeria, Godwin Emefiele, emphasized the need for effective repatriation of export earnings and highlighted the progress made by the RT200 programme.
However, he also warned that the CBN will take stern action against any shipping line that exports undocumented cargoes, saying: “Export proceeds should be repatriated back to the country within 90 days for oil exports and 180 days for non-oil exports. Any shipping company that exports any good from Nigeria without appropriate documentation will be sanctioned and will not be allowed to do business in Nigeria.”
Emefiele also stressed that non-oil exports are critical for Nigeria’s sustainable and stable external balance, stating: “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.”
The CBN has been working to promote non-oil exports through its RT200 programme, which was established in February 2022 to encourage exporters to repatriate their export proceeds back to Nigeria.
The programme has seen significant progress, with repatriation due to the programme increasing by 40 per cent from US$3.0 billion in 2021 to US$5.6 billion at the end of 2022.
Emefiele also urged 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.
However, he stressed that proceeds that are not sold at the I&E window cannot and will not be eligible for the rebate.
