The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has reported that the country’s RT200 export rebate programme has made significant progress in repatriating export proceeds into the Nigerian economy since its establishment in February 2022.
Speaking at the third edition of the RT200 bi-annual Export Summit in Lagos on Tuesday, Emefiele noted that $1.7 billion had been repatriated into the Nigerian economy in the first three months of 2023 alone. Of this amount, approximately $790 million was sold at the I&E window year-to-date.
The governor explained that the momentum for 2023 was equally showing strong numbers and impressive prospects. The balance of the repatriated proceeds remained in the Export Domiciliary Accounts of exporters.
The RT200 programme offers export rebates of up to 5% on proceeds repatriated to Nigeria through recognised channels, with the aim of encouraging export activities and increasing foreign exchange inflows into the country.
Emefiele also spoke about the CBN’s commitment to expanding foreign exchange supply into the market, stating that the bank was ready to partner with exporters to achieve their goals. The CBN has made available N500 billion in facilities to support export activities, but the disbursement of this facility is currently sub-optimal.
The governor also addressed concerns about transparency in the RT200 programme. In response to questions from the audience, Emefiele stated that the CBN would begin advertising publicly the names and amounts of companies that had benefited from the RT200 programme from January to March 2023.
The CBN governor also warned shipping lines and agents that connive with exporters to take products out of the country without proper documentation, stating that the bank would place Post No Debit on their accounts if such actions were discovered.
The RT200 programme has been a significant policy for the Nigerian government in recent years, with the federal government and the CBN introducing several initiatives to encourage increased activities in the non-oil export sector as well as the repatriation of foreign exchange into the Nigerian economy.
The theme of this year’s RT200 summit was “Challenges and Prospects to Success,” providing an opportunity for policymakers and stakeholders in the non-oil sector to evaluate the effectiveness of the programme and recommend appropriate strategies to overcome identified challenges.
