Following series 1 of our insight on the CBN’s RT200 FX Programme published yesterday, in today’s series, we expatiate further on the remaining anchors underlying the programme. This would include the Non-Oil Foreign Exchange (FX) rebate scheme, the Dedicated Non-Oil Export Terminal, and the Biannual Non-oil Export Summit. The Non-Oil FX rebate scheme is designed for exporters of non-oil unfinished and finished products with striking similarities to the CBN’s acclaimed-successful ‘Naira4Dollar’ scheme. In it, exporters will need to present verifiable proof of export proceeds repatriation sold directly into the I&E window to receive a rebate. This serves as a mechanism to help improve liquidity in the FX market. The CBN also plans to progressively graduate the fraction of the rebate with the level of value added to the exported product. The scheme takes effect immediately with guidelines to be communicated soonest.
Another program anchor is the construction of a Dedicated Non-Oil Export Terminal. The CBN seeks to partner with State Governments with existing ports to establish a dedicated export terminal and infrastructure network. It will be a majorly CBN-funded project, though the responsibilities of the selected state government are yet to be defined. The Bankers Committee will analyze and decide on proposals from interested States. Four states are eligible for this scheme based on existing infrastructure – Lagos State, Rivers State, Cross River State and Delta State.
Finally, a Biannual Non-Oil Export Summit will be introduced, bringing together all stakeholders in the export business (including bankers, customs officials, the Nigerian Ports Authority, the Nigerian Export Promotion Council, clearing agents, cargo airlines, shipping lines, logistics companies, insurance practitioners, etc.). The opening summit will be organized during the first week of April 2022.
