Emefiele Dazzles 150 Exporters With N3.5bn Rebate
- As CBN kick-starts RT200FX programme
BY CHINYERE OBIORA – It is all smiles for about 150 beneficiaries from various groupings as the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele on Thursday ordered the immediate release of N3.5 billion to them as a rebate for their participation in the RT200FX scheme.
The RT200 Programme was unveiled in February 2022 as part of efforts to stimulate non-oil exports and boost foreign exchange inflows into the country with a $200 billion FX income target in three to five years’ time.
The apex bank had also explained that under the initiative, exporters will be paid N65 for every $1 sold into the economy through finished products in the Investors and Exporters window while N35 to a dollar rebate will go to exporters with semi-finished goods.
Packaged to encourage value-addition to the economy, the RT200 forex programme has five key anchors of Value-Adding Exports Facility; Non-Oil Commodities Expansion Facility; Non-Oil FX Rebate Scheme; Dedicated Non-Oil Export Terminal; and Bi-annual Non-Oil Export Summit.
Highlighting outcomes of the 364th Bankers Committee meeting held on Thursday, Managing Director of Fidelity Bank, Nneka Onyeali-Ikpe, disclosed during a virtual media briefing that the fund released today by the apex bank would be paid only to qualified exporters on a quarterly basis to increase forex inflow in the economy.
Onyeali-Ikpe said; “The CBN Governor during the meeting announced the immediate release of N3.5bn incentive to various exporters under the RT200bn programme. This rebate, we just announced, will be paid quarterly to exporters who qualify. All this is to ensure that we boost the foreign exchange that goes into the country.”
According to the Fidelity Bank boss, through the programme, about $60 million has been injected into the economy since February when the scheme was launched, adding that the apex bank had earlier announced that a rebate of N65 to a dollar is for exporters with finished goods while N35 to a dollar rebate is for exporters with semi-finished goods.
Also, Onyeali-Ikpe hinted that only Plateau State has stepped up its plans to establish a non-oil exports terminal in line with the CBN’s initiative at reducing the challenges of exporters at the ports.
She further however said; “All other state governments are at different levels of engagement. This project is only one month old and getting an export processing zone running is not very easy, so we expect that will take a little more time.”
In her intervention on the e-Naira project, Managing Director of Guaranty Trust Bank (GTBank), Miriam Olusonyo said the future of the Naira is digital and the CBN has, in recognition of its benefits, already made plans to launch it while other countries are still at an early stage of the process.
She said since the e-Naira launch by the CBN, “We have seen 756,000 downloads of the app”, adding that; “In terms of consumer wallets, we have seen 165,000 downloads and 2,800 merchant wallet downloads.”
Olusonyo said members of the Committee will continue to push for the adoption of e-naira across the country, noting that the e-Naira Application was downloaded at no cost.
The GTB Chief Executive urged individuals to embrace digital transactions that have regulatory backing, stressing that e-Naira will support digital payment; and instant settlement because it is much preferable compared to other channels of payment.
Describing e-Naira as a breakthrough innovation being highlighted by the Bankers Committee, she said as more people continue downloading the App, there will be increased activities in the nation’s financial sector.
