According to Mr. Godwin Emiefiele, Governor of the Central Bank of Nigeria (CBN), non-oil export revenues increased by $890 million in 2022.
As part of the events planned for the UN General Assembly, Emefiele made this statement on the sidelines of the Nigeria International Economic Partnership Forum.
A further breakdown of the proceeds was provided by the speaker, who noted that export repatriation was approximately $64 million in the first quarter of 2022, $622 million in the second and $959 million in the third, with projections that the figures would have increased even more by the fourth quarter.
He remarked that Nigeria’s import requirements are heavily reliant on oil money receipts.
He continued by saying that the country’s present foreign exchange problems were caused by the low amount of revenue that came in from oil sales. According to him, the adjustment had caused the naira to depreciate significantly, with the exchange rate in the IE window plummeting from N436 to $1. He said that the CBN is addressing the issue with its RT 200 programme, which will help increase foreign exchange supply by promoting the repatriation of non-oil exports.
The governor of the apex bank stated that Nigeria is actively investigating non-export for foreign exchange gains and that he is confident this would provide the desired results in the upcoming months.
Emefiele continued by stating that Nigeria is a nation that depends on food imports and crude oil profits to fund other industries.
Emefiele noted that Nigeria is a nation that heavily relies on food exports and crude money to support other industries, and that the nation is actively pursuing non-oil exports.
Lastly, I’ll just say this, I repeat. Nigeria is an investment haven based on the size of the economy in Africa
