The Central Bank of Nigeria (CBN) has said that the introduction of its Trade Monitoring Portal (TRMP) has helped reduce the time of completion for the export documentation process from 2 weeks to about 30 minutes currently.
This is as the apex bank has asked Nigerian commercial banks to take advantage of their presence in other parts of Africa to support Nigerian businesses seeking to expand into new markets.
According to a report from the News Agency of Nigeria (NAN), this was disclosed by the Governor of CBN, Mr Godwin Emefiele, at the Zenith Bank’s 2021 Export Seminar on Tuesday, April 20, 2021, in Lagos.
What the CBN Governor is saying
Emefiele said the apex bank through its Trade Monitoring System (TRMS) portal was helping to reduce the time it would take to complete the export documentation process adding that faster turnaround time could help to reduce delivery time for goods destined for exports and enable businesses to expand their output.
He said: “Today, businesses can complete their NXP applications on the TRMS portal in 30 minutes relative to two years ago, where it can take as much as two weeks to complete the process.”
The CBN governor said the apex bank in collaboration with stakeholders is trying to reposition the Nigerian Commodity Exchange to facilitate greater trade for operators especially in the area of manufacturing, ICT, agriculture and financial services.
He said that international buyers of raw and processed agricultural commodities can now enter into forward contracts with domestic suppliers on the exchange once the exchange becomes fully operational in the second half of the year.
Emefiele believes that these forward contracts would help to support improved productivity for farmers and agro-processors and also help to improve access to credit for these entities using the forward contracts as collateral.
Also, the apex bank boss has called on the commercial banks to support Nigerian businesses by providing trade facilities to those with strong potential for growth.
He said that the CBN had moved to improve the productive capacity of businesses, which would enable them to take advantage of export opportunities in Africa.
Emefiele said, “Our intervention programmes in the agriculture and manufacturing sectors, are helping to enable businesses to expand their scales of production, which is not only meeting growing domestic demand for goods but also providing goods for the export market.
In addition, we have set up a N500 billion non-oil export stimulation facility with the Nigerian Export-Import Bank. This initiative will also help to enable greater exports of processed agriculture commodities into other markets in Africa and in the global market.’’
According to him, improving the business environment in Nigeria is also vital if we are to harness the gains from the Africa Continental Free Trade Agreement (AfCFTA).
What you should know
- It can be recalled that the CBN, in October 2019, introduced the electronic forms for the purpose of commercial exports (e-Form NXP) to phase out hard copy forms employed for the same purpose.
- The e-Form NXP which is expected to cover Oil and Gas and Non-Oil commercial exports is web-based and allows exporters to initiate the Form from their offices/homes to the authorised dealer bank with a charge of N5,000 as the fee per declaration for e-Form ‘NXP’ applicable.
- Similarly, all authorised dealers were advised to access the form “NXP” electronically through a Trade Monitoring System available at www.tradesystem.gov.ng.
CBN’s Emefiele vows to reject the continuous importation of maize in Nigeria
The CBN has said that it will oppose all attempts to continue the importation of maize into the country.
The Central Bank of Nigeria (CBN) has said that it will oppose all attempts to continue the importation of maize into the country.
This is geared towards encouraging local production as the apex bank believes that maize farmers in Nigeria have what it takes to close the maize demand gap of over 4.5 million metric tonnes in the country.
This was made known by the CBN Governor, Godwin Emefiele while speaking in Katsina on Thursday during the unveiling of the first maize pyramid and inauguration of the 2021 maize wet season farming under the CBN-Maize Association of Nigeria Anchor Borrowers’ Programme.
Emefiele said, “With over 50,000 bags of maize available on this ground, and others aggregated across the country, maize farmers are sending a resounding message that we can grow enough maize to meet the country’s demand.’’
He explained that the maize unveiled at the ceremony would be sold to reputable feed processors adding that this would in turn impact positively on current poultry feed prices, as over 60% of maize produced in the country were used for producing poultry feed.
Emefiele said that the apex bank was ready to provide support to the youths that are willing to engage in agriculture and encouraged them to embrace agriculture.
Speaking at the event, the Katsina State Governor, Bello Masari, said the state had suffered a setback in agriculture as over 60,000 hectares of farmlands were uncultivated due to insurgency, which hindered farmers from gaining access to their means of livelihood.
On his part, President Muhammadu Buhari, who was represented by the Kebbi State Governor, Atiku Bagudu, while unveiling the pyramids, reassured the farmers, processors and other value chain participants, of the support of government towards ensuring that they perform optimally.
What you should know
It can be recalled that in July 2020, the CBN included maize importation to its list of 41 items banned from assessing forex at the official market as it directed all banks/authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.
The apex bank in its circular said that this measure is aimed at increasing local production of the commodity, stimulating a rapid economic recovery, safeguarding rural livelihoods and increasing jobs.
FG releases N29.1 billion advance for deployment of Covid-19 vaccines
The FG has announced the release of N29.1 billion to the NPHCDA as an advance for the operational cost of deployment of the Covid-19 vaccines.
The Federal Government has announced the release of N29.1 billion to the National Primary Health Development Agency (NPHCDA) as an advance for the operational cost of deployment of the Covid-19 vaccines.
This is as the government has expressed its commitment to procuring 29.588 million doses of the Johnson & Johnson vaccine through the AVAT initiative, coordinated by AFREXIMBank,
This disclosure was made by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed while speaking at ‘Collaborative Africa Budget Reform Initiative (CABRI) General Assembly webinar on Friday.
What the Minister of Finance, Budget and National Planning is saying
Ahmed in her statement said, “Therefore, the supplementary budget for COVID-19 vaccines will cover the cost of additional vaccines over and above those provided by COVAX, as well as the full cost of operations and logistics for delivering the vaccines around the country.
“Already, the sum of N29.1bn has been released from the Routine Immunization budgetary provision (Service Wide Vote) to the National Primary Healthcare Development Agency (NPHCDA) as an advance for the operational cost of deployment of the COVID-19 vaccines. The N29.1bn represents about 52 percent of the amount required over 2021-22”, she said.
Mrs Ahmed stated at the 18th General Assembly of CABRI that the World Bank has indicated willingness to provide needed facilities in support of the country’s Covid-19 vaccination plan.
Considering key elements of Nigeria’s vaccine financing strategy, she said that the government is working on a supplementary budget to provide for the cost of vaccine procurement and delivery
She said, “The Federal Ministry of Health plans to vaccinate 70 per cent of eligible (18 years and above) Nigerians over the 2021 and 2022 fiscal years.”
She noted that the nation has received commitments from COVAX for Covid-19 vaccines that could cover 43.1 million of the eligible population, as donations from some development partners.
On the impact of the Covid-19 pandemic and the oil price crash on the Nigerian economy, she noted that prior to the pandemic, implementation of the Economic Recovery and Growth Plan 2017-20, prudent resource management and fiscal policy implementation had resulted in 11 consecutive quarters of GDP growth, with GDP growth rising from 1.91% in 2018 to 2.27% in 2019.
Mrs Ahmed also noted that “the government had begun the process of moving our economy away from its primary dependence on oil for revenues and foreign exchange, and we’re making steady gains in addressing infrastructure and human capital challenges.”
“FGN is committed to procuring 29.588m doses of Johnson & Johnson #vaccine through the AVAT initiative, coordinated by @afreximbank”- HM @ZShamsuna speaking recently at ‘Collaborative Africa Budget Reform Initiative (CABRI) General Assembly webinar.
— Ministry of Finance, Budget and National Planning (@FinMinNigeria) May 7, 2021
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