CBN, Shippers Council to boost export by 80%

The Central Bank of Nigeria, CBN and the Nigerian Shippers Council, NSC are joining forces on how to ensure that all containers leaving the nation’s seaports are filled up with export goods. The two bodies said it would be good if the nation’s export is raised from the present 20 per cent to 80 per cent. […]

The Central Bank of Nigeria, CBN and the Nigerian Shippers Council, NSC are joining forces on how to ensure that all containers leaving the nation’s seaports are filled up with export goods.

The two bodies said it would be good if the nation’s export is raised from the present 20 per cent to 80 per cent.

This is even as the Lagos Chamber of Commerce and Industry, LCCI has appealed to the Central Bank of Nigeria, CBN to review its directives on Form M.

To this end, both government agencies are working closely to formulate policies and put in place measures to actualise the goal.

Executive Secretary of NSC, Hassan Bello who made this disclosure said the present situation where only 20 per cent containers leaving the country are laden with export goods was not acceptable.

Bello commended the leadership of the Apex regulatory Bank for working closely with it to ensure that the volume of export moves up to 80 per cent of all containers being shipped out through the nation’s ports.

The NSC boss noted that meetings have been held with CBN and that he is delighted to see that the Apex bank is doing everything possible, especially in terms of policies to actualise the goal.

“Presently, only 20 per cent of all the containers leaving the country are laden. Our aim is to increase that number to 80 and we are working closely with the central bank to achieve this.

“We have to commend the Central Bank for supporting the intervention efforts and we hope they will do the same in the case of this arbitrary charge by the international shipping lines,” he noted.

In a similar note, the LCCI has appealed to the Central Bank of Nigeria, CBN to review its new directive on payments for imports in the interest of the Nigerian economy.

The statement signed by the Director-General of LCCI, Madu Yusuf noted that the appeal became pertinent following the devastating shocks businesses were undergoing, especially with the coronavirus pandemic.

CBN had on August 24, issued a circular on a new directive as part of continued efforts to ensure prudent use of the nation’s forex resources and eliminate incidences of over-invoicing.

CBN, in the circular, directed authorised dealers to desist from the opening of Form M whose payments are routed through a buying company/agent or any other third parties.

Form M is a mandatory statutory document to be completed by all importers for the importation of goods into Nigeria.

The CBN requested all authorised dealers to only open Form M for Letters of Credit, bills for collection and other forms of payment in favour of the ultimate supplier of the product or service.