Non-oil exporters repatriate $4,987bn into Nigeria in 3 quarters, says CBN

By Cynthia Ezekwe

 … pays N81bn to Nigerian exporters

The RT200 scheme initiated by the Central Bank of Nigeria (CBN) to ensure quick acceleration of the export value chain in the country has seen a total of $4,987 billion repatriated into the country by non-oil exporters in the last three quarters, higher than $4,190 billion repatriated in the whole of 2021.

Godwin Emefiele, CBN governor, who disclosed this on Tuesday, said the apex bank has also paid N81 billion as rebate to Nigerian exporters in the same period.

Emefiele, in a keynote address at the 2nd Edition of the RT200 Biannual Non-Oil Export Summit in Lagos, said the RT200 scheme

“In the last three quarters, $4,987 billion have been repatriated into the country from non-oil exporters, which is higher than $4,190 billion repatriated in the whole of 2021. Of this sum, $1,966 billion qualified for the rebate programme but only $1,955 billion was sold at the I&E window,” he said.

The CBN governor said the success of the RT200 scheme had created a formidable premise to make all export products eligible for the rebate and not just limit it to finished and semi-finished products.

“I know there have been calls to make all exporters eligible for the rebate and not just limit it to finished and semi-finished products,” Emefiele said.

“While we see some justification for this, one of the goals of the RT200 programme is to help quicken the process of industrialization and encourage exporters to earn more from their export business,” he said.

Speaking on the summit, the CBN governor said it looks at what has been achieved since the first summit and examines the result of the collaborative efforts by all stakeholders in the export value chain, as well as areas for further improvement and collaboration.

He stressed the need to exporters as well as the economy by adding value to what is produced and exported.

“We are already getting feedback from banks on the interest of exporters to add value to the products they export to allow them to benefit from the programme,” Emefiele said.

“We are happy that this is happening, and we encourage more exporters to find ways to add value to their export products to benefit from the scheme and get a better deal for their exports,” he said.