Exporters of semi-finished and finished are to be rewarded with rebate incentives by the Central Bank of Nigeria (CBN).
The apex bank has set aside N3.5 billion as rebate incentives to realize its target of attaining $200 billion from non-oil exports over the next three to five years.
The Managing Director of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, reported at the virtual press briefing on the conclusion of the Bankers’ Committee meeting Thursday.
She disclosed that RT200 Policy had a total of 150 beneficiaries who brought in export proceeds of $60 million from various levels of finished and semi-finished export.
“At the meeting of the bankers committee today, the central bank Governor announced the immediate release of rebates totaling N3.5 billion incentives to our various exporters in fulfilment of his promise on the policy of the race to $200 billion from non-oil exports to boost the foreign exchange inflows into the country.
“This policy was rolled out in February 2022. The initiative is to encourage value addition to export products of Nigeria.
Specifically, the policies focuses on value addition in place of immediate which is semi-finished products, intermediate, which is semi-finished products and completely finished products.”
“You will recall that the central bank governor announced rebates of N65 for every dollar of export proceeds sold to another end-user and that the proceeds from the exports that is sold to another end-user will attract a rebate of N65 while the proceeds from exports utilised by the exporter will attract a rebate of N35 for every dollar of the proceeds utilised by the exporter.”
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