Post by Trade facilitator on Jul 7, 2022 20:58:50 GMT 1
RT200 FX Programme: CBN Plans For A Dedicated Route For Non-Oil Exporters In Nigeria
The Central Bank of Nigeria (CBN), has urged operators in the non-oil export industry to provide a dedicated route for exporters.
Recently in Lagos, Emefiele made the call during the CBN’s first conference on RT200 non-oil exports, which had the topic “Setting the Roadmap toward Achieving RT200 and Non-Oil Exports for Development.”
RT200 FX Programme stands for the Race to $200 billion in FX Repatriation. It is a set of policies, plans, and programmes for non-oil exports that will enable Nigeria to attain the lofty goal of $200 billion in FX repatriation, exclusively from non-oil exports, over the next three to five years.
The CBN is looking for an easier way for exporters to convey their goods to other countries for sale. According to Emefiele, this will help the government to receive export revenues.
The CBN Governor said, “We have Nigerian Ports Authority and the Nigeria Customs Service here, and I want to appeal to you that you establish a working group comprising the Bankers Committee, Customs, shipping lines, to resolve two issues; one is immediate. We have read about people who want to export goods out of Nigeria queuing for months or more before their goods can go out because time is against us.
"In the short run, what can NPA and Customs do for the exporters?
“Whether you want to create some sort of dedicated route where they can easily export their goods in the short run, we need those export proceeds badly,” said Emefiele.
The CBN Governor stated that finding an easier method for manufacturers to export their goods was a problem that needed to be solved because Nigerian exporters preferred road freight..
“I even hear some buy badges from Lagos to Accra or to Republic of Benin to export from there; doing this, we lose the opportunity of those export proceeds. In this working group, Customs, NPA, we will look at the short run and we will look at the long run; we will look at how we will immediately create a dedicated export route for exporters so that their goods can leave,” he said.
The CBN (Trade & Exchange Department) will be responsible for the day-to-day administration of the RT200 rebate scheme.
During the meeting the CBN Governor revealed that he has ordered the immediate release of N3.5 billion in rebates to 150 exporters who took part in the Race to $200 billion scheme, otherwise known as RT200 FX Programme.
This rebate for dollars brought into the country only applies to exporters of finished and semi-finished goods. Also, only exporters that repatriated export proceeds and sell them at the Investors & Exporters Window will qualify for the scheme.
The exporter must successfully have completed the e-Form NXP, Registration with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC) to be eligible for the rebate.
The apex bank stated that any exporter that presents fraudulent document(s) or tries to undermine this Scheme shall be banned from accessing the incentive for 24 months and all accounts shall be placed on PN for the same period.
The RT200 initiative is designed to be implemented through five anchors:
1) Value Adding Exports Facility (VEF);
2) Non-Oil Commodities Expansion Facility (NCEF);
3) Non-Oil FX Rebate Scheme (NFRS);
4) Dedicated Non-Oil Export Terminal; and
5) The Hosting of a Bi-annual Non-Oil Export Summit.
Our company is one of the best companies in Agro-Export Business in Nigeria today, we train individuals and corporate organizations on how to do Export Business the right way; if you are interested, please contact the admin of this forum now for further details.
The Central Bank of Nigeria (CBN), has urged operators in the non-oil export industry to provide a dedicated route for exporters.
Recently in Lagos, Emefiele made the call during the CBN’s first conference on RT200 non-oil exports, which had the topic “Setting the Roadmap toward Achieving RT200 and Non-Oil Exports for Development.”
RT200 FX Programme stands for the Race to $200 billion in FX Repatriation. It is a set of policies, plans, and programmes for non-oil exports that will enable Nigeria to attain the lofty goal of $200 billion in FX repatriation, exclusively from non-oil exports, over the next three to five years.
The CBN is looking for an easier way for exporters to convey their goods to other countries for sale. According to Emefiele, this will help the government to receive export revenues.
The CBN Governor said, “We have Nigerian Ports Authority and the Nigeria Customs Service here, and I want to appeal to you that you establish a working group comprising the Bankers Committee, Customs, shipping lines, to resolve two issues; one is immediate. We have read about people who want to export goods out of Nigeria queuing for months or more before their goods can go out because time is against us.
"In the short run, what can NPA and Customs do for the exporters?
“Whether you want to create some sort of dedicated route where they can easily export their goods in the short run, we need those export proceeds badly,” said Emefiele.
The CBN Governor stated that finding an easier method for manufacturers to export their goods was a problem that needed to be solved because Nigerian exporters preferred road freight..
“I even hear some buy badges from Lagos to Accra or to Republic of Benin to export from there; doing this, we lose the opportunity of those export proceeds. In this working group, Customs, NPA, we will look at the short run and we will look at the long run; we will look at how we will immediately create a dedicated export route for exporters so that their goods can leave,” he said.
The CBN (Trade & Exchange Department) will be responsible for the day-to-day administration of the RT200 rebate scheme.
During the meeting the CBN Governor revealed that he has ordered the immediate release of N3.5 billion in rebates to 150 exporters who took part in the Race to $200 billion scheme, otherwise known as RT200 FX Programme.
This rebate for dollars brought into the country only applies to exporters of finished and semi-finished goods. Also, only exporters that repatriated export proceeds and sell them at the Investors & Exporters Window will qualify for the scheme.
The exporter must successfully have completed the e-Form NXP, Registration with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC) to be eligible for the rebate.
The apex bank stated that any exporter that presents fraudulent document(s) or tries to undermine this Scheme shall be banned from accessing the incentive for 24 months and all accounts shall be placed on PN for the same period.
The RT200 initiative is designed to be implemented through five anchors:
1) Value Adding Exports Facility (VEF);
2) Non-Oil Commodities Expansion Facility (NCEF);
3) Non-Oil FX Rebate Scheme (NFRS);
4) Dedicated Non-Oil Export Terminal; and
5) The Hosting of a Bi-annual Non-Oil Export Summit.
Our company is one of the best companies in Agro-Export Business in Nigeria today, we train individuals and corporate organizations on how to do Export Business the right way; if you are interested, please contact the admin of this forum now for further details.
