Non-oil exporters receive N144 billion rebates in 14 months

• The Central Bank of Nigeria (CBN) has disbursed N144 billion in rebates to exporters of semi and finished commodities under the RT200 programme, with N25.04 billion paid out in the last quarter alone.

• The non-oil rebate scheme, a major pillar of the RT200, started in Q1 2020, and for a dollar repatriated and sold at the Investors’ and Exporters’ (I&E) window for third-party utilisation, exporters are given N65. Foreign exchange (FX) repatriated for own use through the official window attracts N35 per dollar.

• At the RT200 Non-oil Summit, CBN Governor Godwin Emefiele described the scheme as a “phenomenal success story” and encouraged exporters to sell their export proceeds at the I&E window to take advantage of the rebate.

• The CBN is committed to engaging with other stakeholders to increase the volume of non-oil export and boost the country’s FX inflows. Other talking points at the summit included PPPs, infrastructure challenges, and looking beyond the RT200 programme.

The Central Bank of Nigeria (CBN) has disbursed N144 billion in rebates to exporters of semi and finished commodities under the RT200 Programme.

The non-oil rebate scheme, a major pillar of the RT200, has been a phenomenal success story since its launch in Q1 2020, with a total incentive of N3.23 billion.

The CBN Governor, Godwin Emefiele, announced at the RT200 Non-oil Summit that $1.7 billion has been repatriated so far this year, with 46.5% of the value sold at the Investors’ and Exporters’ (I&E) window.

The CBN will continue to engage with other stakeholders, such as the Nigeria Customs Service and the Nigerian Export Promotion Council, to increase the volume of non-oil exports.

Emefiele encouraged exporters to hold their export proceeds in their domiciliary accounts to take advantage of the rebate by selling at the I&E Window, warning that proceeds that are not sold at the I&E window will not be eligible for the rebate.

He also emphasized the need to raise the contribution of non-oil exports to the economy, especially as many countries around the world are turning to export earnings and proceeds repatriation to bolster their foreign reserves and maintain a stable source of FX inflows.

To achieve this goal, Emefiele pledged to partner with exporters and other critical stakeholders to find solutions to the challenges faced by the sector.

The CBN has already started publishing the identities of beneficiaries to improve transparency, and the Bankers’ Committee will continue to work with other stakeholders to address critical infrastructure challenges and achieve a public-private partnership that works.

The summit also discussed looking beyond the RT200 scheme and supporting a robust external sector to build a resilient economy.