Unnecessary bottlenecks between NPA, customs forcing diversion of exports to ports in neighboring countries, says CBN

Unnecessary bottlenecks between NPA, NCS forcing diversion of exports to neighboring ports, says CBN.

CBN has urged the NPA and Nigerian Customs to create a dedicated route to expedite the export of non-oil cargo.

The Central Bank of Nigeria (CBN) has urged the Nigerian Ports Authority (NPA) and the Nigeria Customs Service (NCS) to close ranks on a dedicated route to boost non-oil cargo exports to improve revenue from change of country.

Making the call Thursday in Lagos at a summit hosted by the apex bank to achieve RT200 and non-oil exports, CBN Governor Mr. Godwin Emefiele accused the two agencies of fueling the diversion of export goods from Nigeria to ports in neighboring countries. through unnecessary bottlenecks.

Speaking on the theme of the summit, “Setting the roadmap towards achieving RT200 and non-oil exports for development,” Emefiele said that frustrated with the unnecessary delay in transactions at Nigerian ports, some exporters have decided to send their goods to Ghana and Benin. Republic, among others.

“We are just lucky to have the Nigerian ports (authorities) and customs here. I want to appeal to both parties to form and establish a task force comprising the Bankers Committee, Nigeria Ports Authority, Nigeria Customs Service, possibly a shipping company to resolve the issues,” said Emefiele.

“We have heard of people wishing to export goods from Nigeria queuing for months before their goods can come out. Time is against us. In the short term, what can the NPA and Customs do for exporters?

“Whether you want to create a dedicated route where they can easily export their goods, we badly need that export revenue.

“It is unfortunate that due to the problem of trying to find an easy route for goods to be exported, Nigerian exporters now prefer road transport.

“I even hear (that) some of them transport from Lagos to Accra (Ghana) or Benin Republic and then export from there. In doing so, we lose the opportunity for these export earnings.

On his part, Governor Babajide Sanwo-Olu of Lagos State insisted on economic diversification to strengthen the naira and achieve economic stability.

He called on Nigeria to shift from overreliance on oil and gas to agricultural products, solid minerals, chemicals, furniture, clothing and tourism, among others.

He said:

“We can do a lot to strengthen the naira and our external reserves by focusing on our non-oil exports. This diversification also protects us from the severe shock of depending on a limited pool of exports.

“I commend the Central Bank for making this a priority through the launch of the Race To $200 Billion FX (RT200) program, among other laudable initiatives. The RT200 FX program aims to generate up to $200 billion in revenue exchange rates, particularly from non-oil sources, over the next few years.

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