RT200 Scheme: Non-oil Export Proceeds’ Repatriation Excites CBN 

BY CHINYERE OBIORA, LAGOS – The Central Bank of Nigeria (CBN) is upbeat that its RT200 policy has started yielding positive results with more commodities now captured in the country’s export ledger boosting the potential of raising up to $200 billion in foreign exchange earnings from non-oil proceeds.

According to the apex Bank, there is a significant shift in the repatriation of export proceeds into the country since the introduction of the scheme in February this year.

Principal Manager Trade and Exchange Department of CBN, Anne Nnenna Ezekannagha, who dropped the hints at the Finance Correspondent Association of Nigeria (FICAN) workshop in Lagos, said; “RT200 is an initiative that was launched by the CBN and is currently, anchored on our rebate scheme. So, the idea is that we want to encourage exporters to repatriate their funds.

“A lot of exporters do not repatriate their funds and the RT200 is set to encourage the repatriation of non-oil proceeds. We have seen a significant improvement not just in the figures that are being repatriated, but also in the number of exporters that are willing to come to the formal sector.”

For her, a lot of our export has been happening informally, “but with this scheme, we have found that a lot more players in the export sector are willing to come to the formal sector. So, we are also noticing not just the increase in the figures but also in the increase of the commodities that we are exporting that were reported earlier.

“Like the solid minerals, we are seeing more in the solid minerals and we are seeing more players in that sector, coming into the formal sector to report their exports and participate in the RT200.”

The apex bank further stated that the scheme, which incentivises export earnings, has seen a record entry of players in the solid mineral space.

The RT200 FX programme is an initiative of the CBN that aims to raise $200 billion in forex earnings from non-oil proceeds over the next three to five years and its major anchor is the Non-Oil Export Proceeds Repatriation Rebate Scheme.

By the apex bank policy guidelines for RT200 released in February 2022, the proceeds repatriation rebate scheme is part of efforts at reducing exposure to volatile sources of FX and earning more stable and sustainable inflows of FX into the country.