Nigeria to boost FX inflows through repatriation of proceeds from oil, gas

Federal government is seeking the repatriation of all proceeds on export of oil and gas products in a bid to increase the inflow of foreign exchange in order to curb the rising inflation in Nigeria.

While hosting stakeholders in the oil and gas sector at the Weekend in Abuja, the Minister of Industry, Trade and Investment, Dr. Doris Uzoka Anite said the repatriation of export proceeds in the industry will go a long way in bringing stability to foreign exchange pricing regime in the country.

She explained that, “export proceeds are by law to be remitted to the country of origin. We have three guiding legal status requiring that export proceeds be repatriated.

“My job is to promote trade, oil and gas trading falls under my purview. I don’t regulate how operators produce their products, but i regulate how they trade.

Anite further explained that by repatriating proceeds from oil and gas export, it will be easy to manage the exchange rate volatility.

Also speaking, the Director of Trade and Exchange with the Central Bank of Nigeria, Dr. Hassan Mahmud said the oil and gas sector is the most critical sector for the CBN to achieve it’s mandate.