Home Business Emefiele announces release of N3.5b worth incentive to exporters in Nigeria

Emefiele announces release of N3.5b worth incentive to exporters in Nigeria

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The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele has announced the immediate release of rebate worth 3.5 billion naira as incentive to various exporters in the country.

This according to the Managing Director of Fidelity Bank Nneka Onyeali-Okpe, was one of the decisions reached at the Bankers’ Committee meeting, held on Thursday.

Okpe who spoke at a press conference held virtually said the newly announced rebate will be paid quarterly to exporters who qualify.

On the incentives to states government to set up export processing zones and terminals, the Fidelity Bank boss said it will be provision for long-term financing
at single digit.

Mrs Okpe explained that the RT200 policy was launched in February 2022 to encourage value addition to export immediate, intermediate and completely finished Nigerian products.

” Recall that the CBN Governor earlier announced rebate of 65 naira for every dollar of export proceeds sold to another end user” she said.

“All these is to ensure that we boost the inflow of foreign exchange into the country by ensuring that we ramp up our exports.

While fielding questions from the media, the Fidelity bank MD affirmed that 150 exporters were already set to become beneficiaries going of the rebate this quarter.

Mrs Nneka Onyeali however added that $60m has been injected into the economy through the scheme
since it was launched.

For her part, the Managing Director of Guaranty Trust Bank, Mariam Olusanya, revealed that e-naira wallet app has recorded 756,000 downloads in six months.

“Since it was launched, we have seen 756,000 downloads of the app. In terms of consumer wallets we have seen 165,000 downloads and 2,800 merchant wallet downloads”, Olusanya said.

She said the next focus is to onboard the unbanked Nigerians using the USSD platform, noting that the move would aid financial inclusion in the country.

Assuring that members of the Committee will continue to push for the adoption of e-naira, the GTB boss said the adoption of the wallet will support digital economy and improve economic activities.

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