Nigeria lost $10m to export disruptions in five days- Exporters

Exporters under the auspices of the Association of West African Exporters and Maritime Professionals have said that in the last five days, the country has lost over $10m due to the integration of the Central Bank of Nigeria’s Export Proceeds system with its innovative Truck Transit Park.

The group added that the move has caused severe disruptions in the export sector in just five days.

In a statement signed by its President, Olubunmi Olumekun on Friday, the group expressed displeasure with the development.

The PUNCH reported on Thursday that Trucks Transit Parks Ltd, managers of the electronic call-up system, have announced the successful integration of the Central Bank of Nigeria’s Export Proceeds system with its innovative electronic call-up platform.

In a notice, TTP stated that the move which became effective on Monday, would streamline Nigeria’s export processes.

Reacting to the development, Olumekun called the attention of the Federal Government to the illegal imposition of NXP into the TTP.

“The imposition of NXP into the Truck Transit Park portal has caused severe disruptions in the export sector, leading to over $10m loss within just five days,” Olumekun said.

He stressed the need to streamline export processes in a bid to balance the nation’s foreign trade.

According to him, the NXP implementation at TTPs has introduced new operational bottlenecks, “delaying shipments and increasing compliance burdens.”

He added that the system plays a vital role in consolidating the oversight of various agencies involved in regulating export trade, “and we strongly urge the NPA to cease practices that revert exporters to outdated protocols.”

The AWAEMAP boss warned that the turnaround time for exporting goods would be drastically prolonged, affecting the revenue of the government.

“The quality of perishable agricultural produce will be affected because of the delay in accessing the port terminals,” he advised.