Zenith Dominates As CBN Releases N20 Billion Q2 Export Rebate Package

The Central Bank of Nigeria, CBN has ordered the release of N20 billion second quarter rebate to exporters of non-oil semi-finished and finished goods under its RT 200 programme to boost non-oil exports, Governor Godwin Emefiele announced on Wednesday.

Speaking at the Seventh Zenith Bank International Seminar on Non-Oil Exports, Emefiele revealed that Zenith Bank would receive more than 50% of the rebates. That dominance by Nigeria’s largest bank, the CBN governor said, follows the bank’s receipt of 75% of the rebates in the first quarter.

The Seventh Zenith Bank International Seminar which took place in Lagos, and was also channeled virtually, was graced by some of the major stakeholders in the non-oil export sector. Besides Emefiele who was himself a former group managing director of Zenith Bank, major attendees at the seminar were Aliko Dangote,  President/Chairman, African Export-Import Bank, Prof. Benedict Okey Oramah who linked in virtually from Egypt, Segun Awolowo among many others.

Chairman and founder of Zenith Bank Jim Ovia and the group managing director of Zenith Bank, Ebenezer Onyeagwu led the bank’s team in welcoming the dignitaries to the seminar.

Speaking after reminiscing fond memories of his time in Zenith Bank, Emefiele disclosed that the intention of the apex bank was to boost exports as a way of boosting the economy and also lessening the pressure on the CBN in providing dollars for the local economy.

He said that that was the spirit behind the introduction of the Race For 200, a programme aimed at harnessing an annual export reception of $200 billion from the non-oil export sector.

“What this rebate does is that it saves us the stress of looking helter-skelter for dollars to allocate to banks to allocate to their customers to meet their import needs.

“Our aim is for the banks and financial community to provide long term facility to exporters of semi-finished and finished non-oil goods.

“We plan to provide concessionary facilities to significantly boost local production of exportable commodities. We have instituted an incentive for exporters of non-oil semi-finished and finished goods as well as goods and services in information technology and creative businesses to repatriate proceeds into our country.

“In April 2022, the CBN made it’s first rebate payment of N3.5 billion as rebate to non-oil exporters under our RT 200 programme for the first quarter of 2022.

“Earlier this week, just only yesterday we authorized the payment of N20 billion as rebate for the second quarter.”

Dangote who was the special guest of honour at the opening ceremony lauded Governor Emefiele on the apex bank’s development functions which he said had greatly impacted the economy. While seeking more support for the CBN and Emefiele, he also lauded Zenith Bank for partnering with his organization in its export programme.

Earlier in his welcome address, Mr Ovia had underpinned the bank’s zeal for promoting exports to what he described as the remarkable feat that non-oil exports brought to the country before the oil boom.

He particularly noted the construction of Cocoa House in Ibadan and Western House, Broad Street, Lagos as two of the notable gains that came from the non-oil sector.

Before him, Mr Onyeagwu had recounted the achievements of past seminars on non-oil exports and the bank’s determination to forge ahead with the programme as a contribution to the national economy and its shareholders.

Apparently confirming the statistics from Governor Emefiele of Zenith’s dominance of the export rebate incentive packages, he said:

“It can be said that since we started the advocacy that there is a gradual improvement in terms of the flows we are getting from non-oil exports.”

He also noted how policies have been cultivated at past seminars to the advantage of the country.

Dr Ezra Yakusak, executive director of the Nigerian Export Promotion Council, NEPC who also joined virtually commended Zenith Bank for its leading role in promoting non-oil exports which he said is in line wit NEPC’s goals. He as such called on other commercial banks in the country to emulate Zenith Bank in its focus on boosting the export sector.

Mr Denis Olisa, an executive director of the bank gave the vote of thanks at the end of the programme.

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