Guidelines for RT200 Non-Oil Export Proceed Repatriation Rebate Scheme in Nigeria
The Central Bank of Nigeria (CBN) has introduced the guidelines for the implementation of the RT200 Non-Oil Export Rebate Scheme.
The scheme is designed to incentivise exporters in the Non-Oil export sector to repatriate and sell their export proceeds to Authorised Dealer Banks ( ADB).
Only exporters of finished and semi-finished goods are eligible for this incentive.
1. The scheme shall pay ₦65 for every US$1 repatriated and sold at the I&E Window to ADBs for other third party use and
2. ₦35 for every US$1 repatriated and sold into the I&E for own use on eligible transactions only.
3. Payment of the incentive shall be made on a quarterly basis.
Eligible transactions that qualify for incentives under the Scheme shall be:
- Export of finished and semi-finished goods wholly or partly processed or manufactured in Nigeria, except otherwise stated by the CBN.
- Export of goods and services (l.T and Creative Businesses) that are permissible and excluded under existing export prohibition list
- Completion of e-Form NXP.
- Registration with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC).
- Sale of repatriated export proceeds at the I& EWindow.
- Notwithstanding when the export process was Initiated, the exporter will qualify for the rebate provided the exporter meets the criteria stipulated above
- Submission of Requests. a) Submission of requests shall be made through the Authorized Dealer bank (ADB) where the eForm NXP was established.It shall be the responsibility of the ADB to authenticate all documents submitted for rebates.
- Documentation Requirements.Each request for incentive is to be accompanied by the following documents:
- Written request from the Exporter
- Completed Application Form (to be designed by CBN and forwarded to exporters through their ADB).
- Documentation requirements for exports as stipulated in the FX Manual
- Evidence of repatriation and sale of export proceeds at the I& E Window.
- Any other document(s) that may be required by the CBN.
- Processing of Request for Incentive
- The ADB shall process all applications received to confirm the completeness of the documentation and eligibility.
- Where complete, the ADB shall forward the application to the Director, Trade & Exchange Department, CBN within five (5) working days, after consummation of the export proceeds sale transaction at l&E Window.
- Processing of Request for Incentive
Approval Process. All processed applications shall be for consideration of the Central Bank of Nigeria, through the Office of the Director, Trade and Exchange Department.
Monitoring and Evaluation
Monitoring and evaluation of disbursements to eligible exporters.
- Routine monitoring of disbursements to eligible exporters shall be conducted by the CBN at the ADBs.
- Any observed infractions shall be sanctioned appropriately in line with CBN regulations.
- Roles and Responslbllltles of Stakeholders
The roles and responsibilities of stakeholders under the scheme shall be as follows:
- The Central Bank of Nigeria (CBN) The CBN shall:
- Issue the operating guidelines for the scheme
- Consider and make payments to beneficiaries (through their respective ADBs)
- Routinely monitor and reconcile the incentive payments vis a vis repatriation and sales of export proceeds at the I& E Window.
- Authorised Dealer Banks Authorised Dealer Banks shall:
- Ensure that the conditions stated in (4.0 & 6.0.) above are met before making recommendations to the CBN.
- Authenticate all documents and ensure compliance.
- Ensure that requests are processed and forwarded to the CBN within the stipulated timeline.
- Render periodic returns on disbursements (in prescribedformats as may be specified by the CBN); and
- Recommend amendments to operating guidelines (when necessary).
The Participating Exporters
The Exporters shall: a) Present eligible requests to their ADBs for necessary action. b) Render periodic returns in prescribed formats as may be specified by the CBN from time to time. c.) Comply with the operating guidelines of the Scheme.
Infractions and Sanctions
- Penalty for Defaults
- The CBN seizes this opportunity to seek the support of the ADBs to ensure the success of this Scheme. Banks are therefore expected to show full understanding about both the real and perceived objectives of this Circular as any attempts to circumvent the intent of the Scheme shall result in the suspension of the FOREX dealership licence of the ADB for 24months.
- 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 PND for the same period.
These Guidelines shall be subject to review from time to time as may be deemed necessary by the CBN.