The Federal Government has approved the reduction of documentation requirements and timeline for import and export trade transactions to 48 hours.
A circular to authorised dealers, signed by the Central Bank of Nigeria (CBN) Director, Trade and Exchange Department, W.D. Gotring explained that the revised documentation requirements and timeline for processing Form ‘NXP’ include the Revised Import Documentation: Bill of lading, Certificate of Origin (formerly Combined Certificate of Value of Origin), Commercial Invoice and Exit Note (formerly Exit Gate).
Other documentations are Form ‘M’, Packing List, Single Goods Declaration and Product Certificate. Other revised export documentation include Bill of Lading, Certificate of Origin, Commercial Invoice, Single Goods Declaration, Nigerian Export Proceeds (NXP) Form, Clean Certificate of Inspection (CCI).
The CBN said the timeline for processing Form ‘NXP’ by the authorised dealers shall be a maximum of 48 hours from the receipt of the application subject to appropriate documentation.
“Authorised dealers shall submit returns to the CBN on compliance with the 48 hours timeline. All authorised dealers are therefore advised to note and bring the provisions of the circular to the attention of their customers,” the circular explained.
Meanwhile, the German Government has charged Nigeria to strengthen her efforts at pulling out of recession with vocational skills development, especially among youths.
The Head, Delegation of German Industry and Commerce, Nigeria, Dr. Marc Lucassen, urged the Federal Government to learn from her German counterpart who, despite not having crude oil and agricultural resources, boosted her Gross Domestic Product (GDP) and reduced unemployment through Dual Vocational Training (DVT).
He spoke during at the graduation of the first batch of apprentices in Office Administration Profession in Ogun State of the on-going German Dual Vocational Training Partnership with Nigeria (G-DVTPW-N).
Lucassen said for Nigeria to exit recession it must integrate DVT and collaborate with the private sector, stressing that DVT is better driven with Public-Private Partnership (PPP) initiative.
The G-DVTPW-N Programme Coordinator, Kehinde Stephen Awoyele, explained that G-DVTPW-N was an initiative of the Federal Republic of Germany geared towards raising the employability bar of youths and reducing poverty in the country.
He said the programme was being financed by the German Federal Ministry for Economic Cooperation and Development and conducted by sequagGmbH. It’s steered by the CCI Giessen-Friedberg as the German project partner.
Source: The Nation
