Manufacturers under the aegis of the Manufacturers Association of Nigeria Export Group (MANEG) have raised concerns over what they described as a policy imbalance by the Central Bank of Nigeria (CBN), following its recent decision to allow International Oil Companies (IOCs) unfettered access to repatriate 100 per cent of their export proceeds.
The apex bank last week scrapped the cash pooling requirement for IOCs’ foreign currency inflows, granting them the liberty to retain and repatriate their full export earnings through Authorised Dealer Banks (ADBs), in a move widely interpreted as part of ongoing foreign exchange reforms.
While stakeholders in the oil and gas value chain have welcomed the development, non-oil exporters say the policy risks deepening structural distortions in Nigeria’s export landscape.
In an exclusive chat with Vanguard, Executive Secretary of MANEG, Benedict Obhiosa, said the decision signals a shift toward a more liberal and investor-friendly foreign exchange regime, capable of boosting investor confidence and enhancing ease of doing business in the oil sector.
