Treasury makes $5.6b revenue on RT200FX scheme of CBN
By Jeph Ajobaju, Chief Copy Editor
Non-oil export revenue jumped 40 per cent to from $3 billion in 2021 to $5.6 billion in 2022, according to the Central Bank of Nigeria (CBN).
CBN Governor Godwin Emefiele explained at the third edition of the Bi-Annual Non-Oil Export Summit in Lagos the “RT200” policy of the bank has achieved tremendous success for the economy.
He said the focus on non-oil export aligns with Nigeria’s goal to move away from an oil-based economy.
The CBN introduced the RT200FX programme on 10 February 2022 to stimulate non-oil export with a $200 billion foreign exchange (FX or forex) income target in the next three to five years.
“Available data shows that repatriation due to the programme increased by 40 per cent from $3 billion in 2021 to $5.6 billion at the end of 2022”, Emefiele said, per reporting by Daily Post.
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Non-oil export generates $2.59b in H1 2022
More than 4.146 million metric tonnes of non-oil products worth $2.593 billion were exported in the first half of the year spanning January to June (H1 2022), according to the Nigerian Export Promotion Council (NEPC).
NEPC Executive Director of NEPC Ezra Yakusak credited the feat to diversification from oil to non-oil sectors for foreign exchange (forex) earnings.
He disclosed in his first half year progress report the revenue was an increase of 62.37 per cent versus $1.59 billion in H1 2021 and above $981.442 million in H1 2020.
His words: “In spite of the global economic recession that affected most businesses in 2021, the sector recorded a significant growth in non-oil export.
“A total of 4,146,534 metric tonnes of product worth $2.593 billion were exported between January and June 2022.
“These figures were culled from the non-oil export performance reports of various pre-shipment inspection agents who are appointed by the Federal Government to determine the volume, value and destination of Nigerian non-oil export.
“The analysis from returns of these pre-shipment inspection agents indicates that the January-June 2022 export performance was the highest half year non-oil export performance since 2018.’’
Export of 200 different products
Yakusak said more than 200 different products, ranging from manufactured, semi-processed, solid minerals products to raw agricultural materials, were exported in H1 2022.
Nigeria is gradually shifting to exports of semi-processed/manufactured goods, unlike in the past when agricultural produce dominated, he added.
“This can be gleaned from the following product classification as contained in the PIAs report; manufactured products: 36.28 per cent, raw agriculture product 33.35 per cent, precious stones 13.22 per cent and others 17.15 per cent.’’
Urea/fertilizer constituted 32.49 per cent of the total exports in H1 2022, cocoa beans 12.65 per cent, sesame seed 7 per cent, and aluminium ingots 5.07 per cent.
Yakusak disclosed 572 companies participated in the exports and there was no rejection of products from 112 destination countries that spanned the Americas, Asia, Europe, Oceania, and Africa.
“Of these figures, Brazil, United States of America (USA) and India were the top three export destinations based on the value of imports.
“Regrettably, of the top 10 export destinations of Nigerian products, none is an African country. Only Benin and Niger Republic made it to the top 15.’’