Exporters in Nigeria have incurred a loss of over $10 million in five days due to disruptions from the integration of the Central Bank’s Export Proceeds system with the Truck Transit Park. This move, announced to streamline export processes, has instead introduced new operational challenges. Export leaders are urging the government to address these issues urgently to restore effective export operations.
Exporters in Nigeria, represented by the Association of West African Exporters and Maritime Professionals, have reported a loss exceeding $10 million within just five days due to disruptions from the integration of the Central Bank of Nigeria’s Export Proceeds system with the Truck Transit Park (TTP) electronic platform. This integration, which was publicized as an improvement to streamline export processes, has instead resulted in significant operational setbacks.
The President of the association, Olubunmi Olumekun, criticized the recent changes, stating that the introduction of the NXP (Nigerian Export Proceeds) into the TTP has led to new bottlenecks in operations. These disruptions are causing delays in shipments and increasing compliance challenges for exporters, undermining the efficiency of the export process. Olumekun highlighted that these issues could lead to prolonged turnaround times for goods moving through the ports.
The TTP announced this integration to facilitate better oversight of export activities but has inadvertently complicated workflows. Olumekun called for immediate government intervention to reverse this new requirement, emphasizing the need to restore effective export operations to enhance foreign trade balancing. He warned that the delays could adversely impact the quality of perishable goods, which depend on timely access to port terminals.
The Nigerian export sector recently faced challenges following the Central Bank of Nigeria’s integration of its Export Proceeds system with the Truck Transit Park’s electronic call-up platform. This integration aimed to improve export processes by consolidating oversight of the various regulatory agencies involved. However, within a mere five days of implementation, exporters experienced substantial losses, prompting calls for urgent government action to address the resulting operational issues.
In summary, the integration of the Central Bank’s Export Proceeds system with the Truck Transit Park has led to notable disruptions for Nigerian exporters, resulting in over $10 million in losses in five days. The new operational requirements introduced by the NXP have compounded challenges, increasing shipment delays and compliance burdens. Stakeholders stress the need for immediate corrective measures to ensure the efficiency and effectiveness of export operations while protecting the quality of perishable goods.
Original Source: punchng.com
