“Streamline Export Processes”: Exporters Lament How Bottlenecks Led to Loss of $10 Million in 5 Days
- Barely a week after the integration of the CBN Export Proceeds System, exporters cry out that the system has failed to live up to expectations
- The exporters note that rather than easing up the export process, the system has only introduced more bottlenecks
- Within the first week of implementation, $10 million has been lost to port delays and bottlenecks
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
The introduction of more bottlenecks into the export process is causing major losses for Nigerian exporters, and the Association of West African Exporters and Maritime Professionals estimate that $10 million was lost in five days.
The group noted that this is because of additional bottlenecks caused by the newly integrated Export Proceeds system and its innovative Truck Transit Park.
These latest additions, according to the exporters group, have seriously disrupted the processes as the exporters know it.
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The group president, Olubunmi Olumekun, noted in a statement that the innovations were not bringing the expected relief into the export system.
CBN Export Proceeds System delays exports
According to the PUNCH, the managers of the electronic call-up system – Trucks Transit Parks Ltd confirmed that the CBN’s Export Proceeds System had been successfully integrated effective last Monday and would streamline the export processes.
Unfortunately, the exporters have claimed that this latest integration of the NXP into the Truck Park Portal only clogged up the processes more, leading to serious disruptions, delayed shipments, increased compliance burdens and losses.
If Nigeria expected to export more, the processes must be streamlined to allow a smoother flow while allowing the oversight of the agencies charged with regulating export trades.
Olumekun noted that the goods most affected by the delays are the perishable agricultural products, and could cause serious revenue loss for the government.
Recall that the Central Bank of Nigeria announced that there would be no more postponement of repatriation of export proceeds into the country.
The proceeds from non-oil exports must be repatriated within 180 days, while oil exports have to repatriate proceeds within 90 days.
Nigeria sees growth in exports
In related news, the CBN announced some of the biggest non-oil exporters in Q4 2024 were Dangote Fertilizer and Indorama Eleme Fertilizer.
Among the other top non-oil exporters were Olatunde International Starlink Global & Ideal and Outspan Nigeria.
According to the report, the main factor contributing to the rise in earnings was increased revenue from the sale of agricultural commodities.
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Source: Legit.ng
