To realise Nigeria’s quest to earn the needed foreign exchange; diversify its economy and make locally-produced goods competitive, globally, Polaris Bank has commenced a nationwide business forum to sensitize exporters on inherent benefits of Central Bank of Nigeria’s (CBN) RT200 non-oil export proceeds repatriation rebate scheme.
The CBN scheme, which is aimed at raising $200 billion in foreign exchange (FX) earnings from Non-Oil Proceeds over the next 3-5 years, is designed to incentivize exporters in the Non-Oil export sector to encourage repatriation and sale of export proceeds into the FX market.
Speaking at the sensitization seminar held in Akure Ondo State on Tuesday and Kano on Thursday, the Bank’s Group Head, Corporate Banking Group, Mr. Anthony Uba, highlighted the various benefits of the scheme to non-oil exporters and what they stand to benefit partnering with Polaris Bank.
He disclosed that CBN’s guidelines for the scheme stipulates that for every US$1 repatriated and sold at the I & E Window to Authorised Dealer Banks (ADBs) for other third-party use, N65 will be paid to the exporter, while for every US$1 repatriated and sold into I & E for own use on eligible transactions only, N35 will be paid.
Mr. Uba who was represented by the Bank’s Group Head, Ondo/Ekiti Region, Mr. Rasheed Yusuf, explained that Polaris Bank had deployed various technology platforms in ensuring delivery of excellent service to her customers, including small and large scale exporters and is ready to support their different needs.
Similarly, Mr. Macpherson Fred-Ileogben, Head, Trade Promotion Advisor at the Nigeria Export Promotion Council (NEPC) emphasised the important role NEPC will play in supporting the success of the scheme.
According to the NEPC Advisor, the present administration is poised to diversify the Nigerian economy, and the non-oil exporters will play a significant role in achieving this objective. He advised participants to embrace the regulatory CBN initiative to derive maximum benefit from same.
Speaking on behalf of participants and other key stakeholders at the conference, Dr. Jibayo Oyebade, a member of the Ondo State Export Cluster, expressed enthusiasm about the scheme and pledged readiness of the state’s export cluster to work with Polaris Bank as their preferred banker for the scheme.
The seminar attracted a large turnout of participants comprising key players and exporters of cocoa beans, cashew nuts, sesame seeds and palm oil in the non-oil exports sector in Ondo and Kano States.
According to available report in the media, in 2021, the fortunes of the non-oil export sector brightened. Total exports were estimated at N19.057tn, with the non-oil segment valued at N4.194tn, representing 22.07 per cent of total export receipts.
Polaris Bank adjudged the Digital Bank of the year, is a future-determining Bank committed to delivering industry-defining products and services to individuals and businesses.