Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), has stated that the bank would penalize shipping companies exporting undocumented cargoes from Nigeria.

Emefiele made this statement at the RT200 Non-Oil Export Summit 2023 in Abuja. The governor said that the development of the non-oil export sector is crucial as it holds vast potential for generating a significant amount of foreign exchange earnings.

He added that the CBN regularly monitors and appeals to exporters to document their exports and repatriate proceeds for the benefit of the country’s economy.

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Emefiele stated that the apex bank was aware that some individuals attempt to sidetrack the process by exporting their cargo without documentation.

He informed that he had advised the shipping lines that the CBN would monitor and penalize them, including placing their accounts on post-no-debit (PND), if they exported cargo without documentation.

The governor revealed that earnings from non-oil exports increased by 40% from $3 billion in 2021 to $5.6 billion at the end of 2022.

The RT200FX programme was introduced to stimulate non-oil exports with a $200 billion FX income target in the next three to five years.

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According to the governor, the RTX 200 programme has led to tremendous progress in export proceeds repatriation since its establishment in February 2022.

Emefiele added that the momentum for 2023 is equally issuing strong numbers and impressive prospects. In the first quarter of 2023, a total of $1.7 billion was repatriated to the economy, while about $970 million was sold into the I&E window.