May 09, (THEWILL) – The Central Bank of Nigeria (CBN) has said 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.
This was disclosed by the Governor, CBN, Mr Godwin Emefiele, in his address at the 3rd edition of the Biannual RT200 Non-Oil Export Summit, in Lagos on Tuesday, May 9, 2023.
He said the development signified that the RT 200 had made progress since it was introduced in February 2022.
He said, “Today, I am happy to note that the RT200 programme has made good progress in export proceed repatriation since its establishment in
February 2022.”
“Available data shows that repatriation due to the programme increased by 40 percent from US$3.0 billion in 2021 to US$5.6 billion at the end of 2022.”
He added that indications had proved that the trend in the first quarter of 2023, was also encouraging as a total of $1,7 billion repatriation was recorded during the period..
“The momentum for 2023 is equally showing strong numbers and impressive prospects.
“In the first quarter of 2023, a total of US$1.7 billion was repatriated to the economy while about $790 million was sold at the I&E window year-to-date
Emefiele said the event provides an opportunity to re-evaluate the progress of the RT200 scheme and identify the opportunities, challenges and prospects associated with the implementation of the programme.
“Today’s event, the third in the series of these summits, is therefore an opportunity to re- evaluate our performance and rebalance our processes for the RT200 programme.
“Accordingly, the theme of today’s summit is ‘RT200: Challenges and Prospects to Success’.
“This theme was carefully selected to review the progress made so far, from inception of the RT200 programme in the first half of 2022 to date.
“This theme will equally enable us to x- ray the challenges and opportunities associated with the programme and proffer workable solutions for successful implementation of the programme for greater results going forward,” the CBN boss stated.
He said the theme of the event was carefully selected to offer practical opportunity to review the progress made so far, from inception of the RT200 programme in the first half of 2022 to date and the challenges encountered.
“This theme will equally enable us to x- ray the challenges and opportunities associated with the programme and proffer workable solutions for successful implementation of the programme for greater results going forward.”
Emefiele said that countries all over the world are turning to export earnings and proceeds repatriation as a veritable means of bolstering foreign reserves, maintaining a robust Balance of Payments position, and a stable source of foreign exchange inflows.
“It is in recognition of this that the Central Bank of Nigeria in collaboration with the Bankers’ Committee identified the RT200 programme and export promotion in general as a critical tool for attaining sustainable and stable external balance and safeguarding the value of our local currency,” he said.
Emefield observed that this is the time for all the stakeholders to work together to reposition Nigeria on a sustainable growth trajectory by taking diversification of the economy seriously.
“There is no better time than now to synergise for the benefit of our nation, as we implement a coordinated policy agenda that will support the economy and improve the economic activities”, he said.
