Central Bank of Nigeria (CBN)’s RT200 (Race to $200 billion forex inflows), which is an initiative that aims to boost non-oil exports has recorded $4.987 billion forex inflows in 2022.
Gatekeepers News reports that the CBN Governor, Godwin Emefiele, who announced the feat on Tuesday, said the amount recorded so far this year, was an increase from the $3.190 billion recorded in 2021.
Emefiele said this at the second RT200 Bi-annual Non-oil Export Summit in Lagos, with the theme: ‘RT200 Non-Oil Export Program: The Journey So Far.”
He said: “In 2022, a total of $4.987 billion have been repatriated into the country by non-oil exporters, higher than $3.190 billion repatriated in 2021.
“Of this amount, only $1.966 billion qualified for the rebate programme, but only $1.559 billion was sold at the I & E window or for own use.
“The CBN has also paid out about N81 billion in rebate to hard working Nigeria exporters. This is a testament to the resolve of the CBN to ensure quick acceleration of the export value chain in the country.”
Emefiele also highlighted other achievements of the initiative, saying: “As of today, SONCAP and NAFDAC certificate and Marine insurance certificate are automated and fully integrated with the Trade Monitoring System. In addition, we are working with Quarantine Service to integrate their permits and certificates into the system and very soon the NPA eCall Up System will also be integrated.
“Some other enhancements measures have also been done with eNXP including integration with SGD and the development of the PIA portal aimed at the digitization of the process of issuing Clean Certificate of Inspection (CCIs) by PIAs and ease of scheduling of inspection by exporters. All these are made possible because of the interest shown and the commitment made by all of us gathered in this room and beyond.”
The apex bank Governor, however, called for the support of potential exporters to turn their products into finished and semi-finished products.
“I know that there have been calls to the eligible exporters for the rebate, and not just limiting it to finished and semi-finished products. While we see some justification for this, one of the goals of the RT200 program is to help quicken the process of industrialization and encourage exporters earn more from their export business. Economists have well documented positive relationship between export and industrialisation. Export can transform the economic structure of countries, from simple, slow-growing, and low-value activities to more productive activities that enjoy greater 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 on the interest of exporters to add value to the products they export in order 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 export products so that they can benefit not only from the scheme but get better value for their exports.
“I want to assure you that the Bank is committed to strengthening and expanding foreign exchange supply into the market. You are all important in this national clarion call of expanding the supply of foreign exchange to the country.
‘For exporters, flying the flag of Nigeria in the international market, the Bankers’ Committee and the CBN stand ready to partner with you to achieve your goals. You can benefit from the many financial programmes introduced by the CBN through your bank to grow your business. Therefore, I call on this gathering to candidly interact and make constructive and innovative suggestions towards exploring the non-oil export sector as a more sustainable means of increasing financial flows into the economy and generating employment to spur growth.”
