Findings by Shipping Position Daily have revealed that the much expected implementation of the Nigeria Export Proceeds (NXP) requirements for booking export trucks on the electronic platform has yet to begin. This is even as stakeholders blamed the Central Bank of Nigeria (CBN) for causing delays and inefficiencies in the export process.
It was gathered that despite initial plans to start the initiative in June, it has now been postponed to the first week of July, leaving exporters and transporters grappling with continued uncertainties and logistical challenges.
Shipping Position Daily recalls that Truck Transit Park (TTP) Limited, operators of the electronic call-up system had announced the introduction of Nigeria Export Proceeds (NXP) as a prerequisite for booking export trucks on its eto platform. The new guidelines were to be effective as from June, 3, 2024.
Ahead of the expected take off, Truck Transit Park disclosed that the new measure was sequel to the directive of the Federal Government, through the Nigerian Ports Authority (NPA). The firm explained that the new measure is essential to ensure that all export transactions are properly documented in adherence to the government regulatory standards.
Sources hinted that the new directive is meant to further tighten the loopholes on exporters who have been abusing the Central Bank of Nigeria (CBN) directive on repatriation of exports proceeds. The CBN had introduced the Nigerian Export Proceeds as part of its effort to increase foreign exchange liquidity in the country. In achieving this, the apex Bank had directed all banks in the country to keep records of names, addresses and Bank Verification Numbers (BVN) of all exporters.
Similarly, NPA recently announced that export trucks failing to adhere to a new 12-hour operational limit will face the deactivation of their associated Electronic Call up accounts, starting from June 19th, 2024.
However, stakeholders who spoke to our correspondent last week informed that the regulations and requirements of the NXP for export trucks are yet to be enforced, despite several deadlines given by the authorities involved. They also voiced strong criticism against the CBN for frustrating the implementation of regulations they claim are hindering export processes and causing significant losses for exporters.
When contacted, in response to inquiries regarding the new NXP requirements for booking trucks, a representative at Public Relations Unit of Truck Transit Parks (TTP), Nancy Nnamdi clarified that the initiative is still in the developmental phase.
Nnamdi informed that the initiative is yet to commence as the NPA, the CBN and other stakeholders are still fine tuning the modalities for implementation of the NXP for the booking of export trucks on electronic call up platform. She said “The initiative is yet to commence. NPA operations with CBN and other stakeholders are still fine tuning the modalities for implementation”.
Also speaking, a truck owner, Mr. Kunle Ajayi criticized the CBN for making the implementation of the NXP requirements frustrating for exporters which have led to several delays and inefficiencies.
Ajayi stressed that the problems do not lie with TTP or the truckers, who are merely transporters, but with the regulatory framework being introduced by the CBN. According to Ajayi, the instinct of every exporter is to follow due process, but the current system makes it difficult, adding that issues such as network failures amongst other bureaucracies add to the frustration.
Ajayi pointed to a previous incident where an emergency implementation of NXP requirements resulted in the spoilage of perishable goods. According to him, containers that were already close to the port gate were affected, causing major losses to the exporters.
Ajayi called for serious reforms to manage the export process more efficiently and to eliminate unnecessary delays. He believes that making the payment process simpler and quicker would benefit the export sector and contribute to the overall economic growth of Nigeria.
“It is neither the problem of TTP nor the problem of truckers. It is the problem of CBN for enforcing regulations that are frustrating exports and exporters. This is not the first time.
“Some trucks stay more than three weeks at the export terminal at Ijora. In fact, normally, NXP is not supposed to take 12 hours to process. Because if you transfer any money to anybody from any bank now, you will see your receipt and the receiver will receive it now. That’s exactly how NXP was supposed to be; generate your code. That time they will say they want to go and confirm. They will take it to the Customs office again to go and issue another paper.
“If we are really serious in this country, those are the areas that we are supposed to manage without any hitch. Now, the process of payment is always difficult and you must load because your container number must be included. So the process is made too slow and too hard to access” Ajayi lamented.
In an exclusive chat with our correspondent last week, Mr. Adebayo Adejumo, another truck owner and member of the Association of Maritime Truck Owners (AMATO) confirmed that the initiative has not yet begun.
Adejumo however informed that although the implementation was initially expected to begin in June, the implementation is now scheduled to start by the first week of July. He stated: “No, it has not started; they say it will start by the first week of July.”
