May 18, (THEWILL) – The Central Bank of Nigeria (CBN) has modified the operating guidelines for the RT200 Non-Oil Export Rebate scheme as contained in its earlier circular of February 25, 2023.
The Bank said in a circular released Thursday that the adjustment to the rebate scheme was in response to deliberations at the 3rd edition of the recently concluded bi-annual RT 200 Non-Oil Export Summit held in Lagos.
In a circular to all authorised dealers and the general public, signed by Dr O.S. Nnaji, Director, Trade and Exchange Department, the CBN announced the new policy guidelines as follows:
· Export of products in their raw form shall now be eligible for rebate.
.A rebate amount of N25 for every USD$1 repatriated and sold at the Investors’ and Exporters’ (I&E) window for third party use shall apply.
· A rebate amount of N15 for every USD$1 repatriated and sold at the Investors’ and Exporters’ (I&E) window for own use shall apply.
The CBN said the payment of the graduated rebate amount is expected to encourage exporters of primary products to enhance their capacity and eventually engage in value added exports.
It added that the effective date of implementation of the modified guidelines is April 1, 2023.
It could be recalled that the CBN Governor, Godwin Emefiele, had disclosed at the recent Suimmit that proceeds of non-oil exports repatriated under the RT200 programme increased by 40 percent to $5.6 billion in 2022 as against $3.0 billion in 2021.
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He said the development signified that the RT 200 had made progress since it was introduced in February 2022.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
