Business
CBN Expands Export Incentives To Boost Forex Inflows
As part of measures to boost forex inflow, amid slumping oil production, the Central Bank of Nigeria (CBN) has said it has expanded its non-oil export rebate scheme by opening it up to additional sectors.
In the expanded scheme, CBN will pay naira incentives to exporters of primary goods or raw materials that repatriate dollars to encourage them to export more.
CBN in a statement on Friday, noted that the new scheme, which takes effect retroactively from April 1, 2023, is an amendment to its initial scheme introduced last year that applied only to exporters of finished and semi-finished goods.
Under the scheme, exporters of raw materials will get N25 per dollar of repatriated export earnings compared to N65 per dollar paid to exporters of processed items.
It would be recalled that the CBN Governor, Godwin Emefiele, while recently reviewing the impact of the implementation of the export rebate regime under its ‘Race to $200 billion (RT 200)’ programme, noted that the scheme has made good progress in export proceeds repatriation since its establishment in February 2022.
Also, available data show that repatriation due to the programme increased by 40 percent from $3.0 billion in 2021 to $5.6 billion at the end of 2022.
In 2022 CBN mobilsed commercial banks to provide incentives to exporters to repatriate their earnings to help the country reverse declining dollar inflows caused by low oil production and fleeing foreign investors avoiding the country’s restrictions around dollar outflows and multiple exchange rates.
By; Corlins Walter
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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