CBN Penalizes Shipping Companies that Export Illegal Cargoes from Nigeria.

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CBN Governor, Godwin Emefiele, while speaking at the RT200 non-oil export summit 2023 in Abuja with the theme “RT200: Challenges and Prospects,” said the development of the non-oil export sector is vital given that it holds vast potential for generating a significant amount of foreign exchange earnings. He added that the apex bank is aware that some individuals attempt to obstruct the process by trying to export their cargo without the proper papers.

The CBN Governor noted that non-oil export revenues surged by 40% from $3 billion in 2021 to $5.6 billion at the end of 2022, demonstrating the effectiveness of the RT 200. The $200 billion FX income objective for the next three to five years is part of the RT200FX program, which was launched to encourage non-oil exports.

Data available indicates that repatriation because of the program increased by 40 per cent from $3 billion in 2021 to $5.6 billion at the end of 2022. “The momentum for 2023 is equally issuing strong numbers and impressive prospects. In the first quarter of 2023, a total of $1.7 billion was repatriated to the economy, while about $970 million was sold into the I&E window,” Emefiele added.

Sunnews.

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