*The Central Bank of Nigeria announces RT200 FX Programme aimed at repatriating $200billion exclusively, from non-oil exports in the next three to five years, including a non-oil rebate scheme, central warehousing scheme, and concessionary cum long-term funding for non-oil exporters

Isola Moses | ConsumerConnect

The Central Bank of Nigeria (CBN) has announced RT200 FX Programme that seeks to repatriate $200billion exclusively from non-oil exports in the next three to five years.

ConsumerConnect reports Mr. Godwin Emefiele, Governor of CBN, disclosed this development at a media briefing on the outcome of the Bankers’ Committee Thursday, February 10, 2022, in Abuja, FCT.

Emfiele explained the RT200 FX Programme targets increased exports, value addition, and improved foreign exchange (Forex) for the Federal Government.

The Bankers’ Bank also said another segment of the plan included a non-oil rebate scheme, a central warehousing scheme as well as a concessionary and long term funding for non-oil exporters.

The CBN Governor stated: “After careful consideration of the available options and wide consultation with the Banking Community, the CBN is, effective immediately, announcing the Bankers’ Committee ‘RT200 FX Programme’, which stands for the ‘Race to US$200 billion in FX Repatriation.

“The RT200 FX Programme is a set of policies, plans and programmes for non-oil exports that will enable us attain our lofty yet attainable goal of US$200 billion in FX repatriation, exclusively from non-oil exports, over the next 3-5 years.”

While the goal itself may appear unattainable to some, Emefiele however, noted that he is resolute that the the goal could be achieved in the Nigerian economy.

He further said: “Many countries that are much less endowed than Nigeria are doing it,” he said.

“Consider for example that agriculture exports alone from the Netherlands was about US$120 billion last year.

“Yet, Netherlands has a land mass of about 42,000 square kilometers, which is much smaller that the land mass of Niger State alone, at over 76,000 square kilometers.”

The programme, he stated, nonetheless, is not intended to be a silver bullet to all the country’s problems in the export sector of the economy.

“Rather it is a first step meant to ensure that the CBN is able to carry out its mandate in an effective and efficient manner, which guarantees preservation of our scarce commonwealth, and the stability of our national currency, the Naira.

“It is only by boosting productive and earning capacity of this economy that we can truly preserve the long-term value of our currency, as well as the stability of our exchange rate,” said Emefiele.