Nigeria Has Earned $890 Million From Non-Oil Exports, Says CBN

The Central Bank of Nigeria (CBN) governor, Godwin Emiefiele has announced that non-oil export revenue 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.

He provided a further breakdown of the proceeds, stating that export repatriation was roughly $64 million in the first quarter of 2022, $622 million in the second and $959 million in the third, with forecasts that the amounts would have climbed much 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 dramatically, with the conversion rate in the IE window plummeting to N436 to $1.

He said that the CBN is addressing the issue with its RT 200 programme, which will help increase foreign exchange availability by encouraging the repatriation of non-oil exports.

He promised that Nigeria is actively pursuing non-export for foreign exchange gains and expressed confidence that doing so would produce the desired results in the upcoming months.

He continued by saying that Nigeria is a nation that heavily relies on food exports and crude oil earnings to fund other industries. He also said that Nigeria is actively exploring non-oil export opportunities.

“Lastly, I’ll just say this, I repeat. Nigeria is an investment haven based on the size of the economy in Africa,” he added.