CBN begins RT 200 rebate payment to exporters this week

By Omodele Adigun

The first disbursement of rebate to exporters under the RT 200 policy of the Central Bank of Nigeria(CBN) commences this week just as the initiative has been adjudged as yielding expected outcomes.

According to the CBN Governor, Mr Godwin Emefiele, who disclosed this while giving update on the initiative during the InfraCorp term sheet signing with the independent asset managers in Lagos on Friday, the payment is to encourage other exporters that the era of delay in rebate disbursement is gone for ever.

“You will recall that we effectively started in March. As I have said that, by latest the first or second week  after the end of a quarter, in this case,[first quarter which ended by March 31st , 2022], latest  by around 14, we will issue cheque to make payment  to all those who have exported and their proceeds have come in and they sold them to the rebate window for the good of other people that want to use them to import other goods  and services into the country”, he said.

He added: “So the first set of disbursement or payment for the rebate has been assured and will be done by next week [this week]; and we are actually doing it to make it public so that Nigerians can know, to encourage other exporters that the era you export and you expect your rebate; and your rebate never came after two; three; four; five years, that era is gone. We are determined to make sure that it succeeds  and with the kind of numbers that we get from the banks, we are very excited that it is working well.

“The idea is to say that we can no longer continue to rely on revenue coming from crude oil to fund the import obligations of the country. There at least four sources from which foreign exchange can be raised to fund the import obligations of the country: revenue coming from crude oil; export proceeds; diaspora remittances and foreign direct and portfolio investments.”

On the signing of the Term Sheet with the independent asset managers, to operate together with Infracorp to deliver infrastructure to the nation, InfraCorp  CEO, Dr  Lazarus Angbazo, described the four asst Managers: AAA Consortium, Chapel Hill Denham, Africa Infrastructure Investment Managers in Nigeria and Sanlam  as internationally recognized experts in infrastructure with deep network of financial partners to help InfraCorp unlock private capital by leveraging local and international pool of funds to make sure that Nigeria gets better infrastructure.