Nigeria earns $4.9bn from CBN RT200 FX programme

The Central Bank of Nigeria (CBN), yesterday said about $4.987 billion have so far been repatriated into the country by non-oil exporters, under the Race to $200billion in Foreign Exchange (FX) Repatriation (RT200) programme launched in February, in collaboration with the Bankers’ Committee.

CBN Governor, Godwin Emefiele, who disclosed this in a keynote to the second bi-annual Non-Oil Export Summit, in Lagos, said the amount is significantly higher than the $3.190 billion repatriated in 2021.

He, however, explained that only $1.966illion of this amount qualified for the rebate programme, while $1.559 billion was sold at the Investors & Exporters (I&E) window or for own use.

Accordingly, He said the CBN has paid out about N81 billion in rebates to Nigerian exporters.

Speaking on the theme: “RT200 Non-Oil Export Programme: The Journey So Far,” the CBN Governor called for greater collaboration, and coordination of policies to improve the economic activities in the non-oil sector.

“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,” he said.

He argued that now is the time for all stakeholders to work together to reposition Nigeria on a growth trajectory by taking the diversification of the economy seriously

As a result, he said policymakers must help exporters and the economy by adding value to what the country produces and exports, and also pledged to work more to complement the efforts of the Federal Ministry of Industry, Trade, and Investment, to boost the country’s non-oil export.

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.

Value addition

Reiterating the need for a more diversified economy, Emefiele also emphasised the importance of road infrastructure, especially from the ports to facilitate the ease of transporting goods for export.

He disclosed that feedback from banks indicated high interest by exporters in adding value to the products they export, to allow them to benefit from the programme.

He urged exporters to find ways to add value to their exports so that they too could benefit from the scheme and get greater value for their products.

Emefiele also reiterated the CBN’s commitment to strengthening and expanding FX supply into the market, noting that every stakeholder has a critical role to play in the country.

He assured exporters that the Bankers’ Committee and the CBN are ready to partner with them to achieve their export goals and to ensure quick acceleration of the export value chain in Nigeria.

Also speaking, Lagos State Governor, Babajide Sanwo-Olu, lauded the CBN and the Bankers’ Committee for keeping their collective promise to keep supporting efforts by the Federal and state governments, especially Lagos, to promote economic growth, with emphasis on job creation.

Sanwo-Olu disclosed that work on the Lekki Deep Seaport has been completed, adding that the project will be inaugurated by the President in January 2023, to finally provide enormous opportunities for exporters to ply their trade and improve the export earnings of the country, especially in the non-oil sector.

While assuring stakeholders that the Lagos State Government will continue to provide the space and opportunities for businesses to thrive, he urged stakeholders to continue to promote a public-private partnership that will drive growth.

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

TCN adds 98mw to national grid from Gwarinpa substation

Next Post

WISCAR unveils renowned author, Chimamanda as speaker at leadership, conference 

Related Posts