Tony Chukwunyem 
Nigeria received a total of N2.4 trillion ($4.987billion) as non-oil export inflows under the Central Bank of Nigeria (CBN) and Bankers’ Committee’s RT 200 programme this year. The RT200 FX Programme is an initiative of the CBN and the Bankers’ Committee aimed at attracting $200 billion in non-oil export earnings over the next 3-5 years. The programme is anchored on five pillars, namely: Value-Adding Exports Facility; Non-Oil Commodities Expansion Facility; Non-Oil FX Rebate Scheme; Dedicated Non-Oil Export Terminal; and Biannual Non-Oil Export Summit.
Giving an upddate on the inflow yesterday in Lagos, the apex bank Governor, Mr. Godwin Emefiele, this in a keynote speech at the second edition of the bi-annual RT200 Export Summit, noted that the figure was significantly higher than the $3.190 billion repatriated by non-oil exporters in 2021. He, however, said that only $1.966billion of the $4.987billion repatriated this year qualified for the rebate programme under the scheme, adding that only $1.559 billion was sold at the Investors & Exporters (I&E) window for own use. He also revealed that the CBN had paid out about N81billion in rebates to Nigerian exporters under the programme.
Speaking on the summit’s theme: “RT200 Non- Oil Export Programme: The Journey So Far,” the CBN Governor called for greater collaboration and coordination on policies to improve economic activities in the non-oil sector, stressing that, “export could transform the economic structure of countries from simple, slowgrowing, and low-value activities to more productive activities that enjoy more significant margins driven by technology.” According to him, now is the time for all stakeholders to work together to position Nigeria on a growth trajectory by taking the diversification of the economy seriously, stating that policymakers must help exporters and the economy by adding value to what the country produces and exports. He disclosed that feedback from lenders indicated interest by exporters in adding value to the products they export, to allow them to benefit from the RT200 programme. He, thus encouraged more 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 exports.
He also pledged to work more to complement the effort of the Federal Ministry of Industry, Trade, and Investment to boost the country’s non-oil exports. Reiterating the need for a more diversified economy, Emefiele emphasized the need to improve the country’s road infrastructure, with an emphasis on road infrastructure from the ports, to facilitate the ease of transporting goods for export.
