Non-oil exporters repatriate $4.99bn FX after 10 months of RT200 policy
Nigeria’s non-oil exporters have repatriated a total of $4.99 billion, 10 months after the introduction of the RT200 initiative by the Central Bank of Nigeria (CBN), the apex bank has said.
This is 56.43 percent higher than the $3.190 billion repatriated in 2021, before the policy.
Godwin Emefiele, governor of the CBN disclosed this on Tuesday at the second edition of the RT200 bi-annual conference, in Lagos.
He said $1.966 billion of the total sum qualified for the rebate program, but only $1.559 billion was sold at the Investors and Exporters (I& E) forex window or for own use.
“The CBN has also paid out about N81 billion in rebates to hard-working Nigerian exporters. This is a testament to the resolve of the CBN to ensure quick acceleration of the export value chain in the country,” he said.
“I know that when we proposed a rebate payment on every repatriated foreign exchange into the country used for Own expenses or sold at the I&E window, some may have doubted our resolve to meet and sustain the obligation. However, events in the last three quarters have shown that when CBN makes a commitment, it keeps that commitment to the last letter,” Emefiele said.
Recounting the achievement of the industry since the first conference in June 2022, he said in terms of processes and infrastructure for improving trade performance, the sector recorded some achievements in automation and digitization of the trade processes.
As of today, he noted that Standards Organisation of Nigeria Conformity Assessment Programme (SONCAP), NAFDAC, and Marine insurance certificates are automated and fully integrated with the trade monitoring system.
In addition, he said “we are working with the quarantine service to integrate their permits and certificates into the system, and very soon, the NPA ecall up system will also be integrated.”
According to him, other enhancements have also been done with eNXP, including integration with Sustainable Development Goals (SDGs), and the development of the Pre-shipment Inspection Agents (PIA) portal aimed at digitizing the process of issuing Clean Certificates of Inspection (CCIs) by PIAs and ease of scheduling of inspection by exporters.
One of the goals of the RT200 program is to help quicken the process of industrialization and encourage exporters to earn more from their export business.
Economists have well-documented a positive relationship between export and industrialization, believing that export can transform the economic structure of countries from simple, slow-growing, and low-value activities to more productive activities that enjoy more significant margins driven by technology.
“We must help our exporters and our economy by adding value to what we produce and export. We are already getting feedback from Banks of interest by exporters in adding value to the products they export to allow them to benefit from the program. We are happy that this is happening, and we encourage more exporters to find ways to add value to their exports so that they can benefit not only from the scheme but get better value for their exports,” Emefiele said.
He assured of the CBN’s commitment to strengthening and expanding foreign exchange supply into the market.
Launched on February 10, 2022 by the apex bank as part of measures to reduce the increasing demand for foreign currency by importers, the RT200 FX Programme has been designed to reduce the excessive pressure on the exchange rate.