Business

JUST IN: CBN Frowns At Exporting Without Documentation, as Proceeds hits $5.6bn

Published

3 years ago

May 9, 2023

447 Views

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has warned exporters and shipping companies to desist from exporting without documentation, saying, “What this does is to reduce the export earning potentials of the country.”

Emefiele made the call today during the Bi-Annual RT200 Non-Oil Export Summit in Abuja.

The CBN boss said: “we keep hearing cases of people trying as much as possible to sidestep the process.

“All I can do now is to appeal to those of us who want to export without documentation to please try as much as possible to desist from this practice.

“We will continue to engage customs, we will continue to engage Nigerian Ports Authority and we will continue to engage the shipping lines and agents to ensure that we nip in the bud the incidences of exporting without documentation.”

Emefiele recalls a meeting of the bank with the shipping lines : “About three years ago when we had a meeting at the CBN in Lagos with the shipping lines, I had said that the CBN will be beaming searchlight on undocumented exports.

“And we had advised the shipping lines at that meeting that we will also be monitoring and if we find that they export without documentation we will fine them by placing their accounts on Post No Debit order.

“We have so far not done anything like that, because we feel that our shipping lines will be responsible to do what is right.

“However, if we do not see the kind of cooperation that we expect, I will have to insist that we do what we need to do.”
He disclosed that the export proceeds repatriation into the country increased by 40 per cent from $3 billion in 2021 to $5.6 billion at the end of 2022.

The CBN Governor added that the momentum for 2023 was equally showing strong numbers and impressive prospects.

“In the first quarter of 2023, a total of US$1.7 billion was repatriated to the economy while about $790 million was sold at the Investors and Exporters window year-to-date.”

Emefiele said the balance of the proceeds remained in the Export Domiciliary Accounts of exporters, noting that proceeds that were not sold at the Investors and Exporters window (I&E) could not and would not be eligible for the rebate.

He urged those holding their export proceeds in their domiciliary accounts to take advantage of the rebate by selling them at the I&E Window.

He expressed the bank’s continued commitment and assurance to strengthening and expanding foreign exchange supply into the market.

Babajide Sanwo-Olu Commends CBN’s RT200 FX programme

Also at the event, Lagos State Governor, Babajide Sanwo-Olu, commended the CBN for its introduction of the programme.
He said that it was a critical step for diversifying the economy.

Sanwo-Olu was represented by the Lagos State Commissioner for Economic Planning and Budget, Samuel Egube.

He stated that it would also increase the capacity of the non-oil sector to generate more foreign exchange earnings, boost economic growth, and stabilise the economy generally.

Business

President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships

At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.

Published

9 hours ago

May 1, 2026

OCHEFA

15 Views

President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.

The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:

” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.

Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.

President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.

The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.

At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.

With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.

Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.

President Tinubu will be accompanied on the trip by some of his ministers and senior aides.

He will return to Nigeria at the end of the Rwanda summit. “

Business

Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences

Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.

Published

1 day ago

April 30, 2026

OCHEFA

33 Views

The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.

The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.

In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.

It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.

Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.

It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.