CBN To Sanction Shipping Companies Exporting Undocumented Cargoes

CBN To Sanction Shipping Companies Exporting Undocumented Cargoes

The Governor of the Central Bank of Nigeria (CBN), Godwin Emiefele, has read out a riot act to shipping companies exporting undocumented cargoes from the shores of the country.

Emiefele sent out this note of warning at the RT200 Non-Oil Export Summit 2023 on Tuesday in Abuja.

While speaking on the theme “Challenges and Prospects to Success,” he detailed the importance of diversifying from oil exports.

“We all know that a nation that continues to export more than it imports is destined to fail and there will be no meaningful development of any nation without harnessing its export sector for the good of the nation,” he said

“In the case of Nigeria, we know that developing the non-export oil sector is absolutely imperative given that it holds vast potential for generating a significant amount of foreign exchange earnings.”

The apex bank governor warned exporters who disregarded several warnings to follow due process in ensuring their documentation met the needed criteria for export

“We keep hearing people trying to sidetrack the process and all I can do now is appeal to those of us who believe we can do business without proper documentation to try as much as possible to desist from this practice,” he said.

“We will continue to engage Customs, we will continue to engage Nigeria Ports Authority and we will continue to engage the shipping line  or shipping agents to nip in the bud the incidence of exporting with documentation .”

“What you do is that you hurt the export earning potentials of the country when you do this.”

Enumerating the successes of the RT 200, Emiefele revealed earnings from non-oil exports increased by 40 percent from $3 billion in 2021 to $5.6 billion at the end of 2022.

As to proceeds from repatriation as a veritable means of bolstering foreign reserves, maintaining a robust balance of payments position, and a stable source of foreign exchange inflows, he said: “In the first quarter of 2023, a total of US$1.7 billion was repatriated to the economy while about $790 million was sold at the I&E window year-to-date”.

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