Nigeria Suffers $10m Loss Due to Export Disruptions.

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Nigeria’s export sector has suffered a significant blow, with losses exceeding $10 million in just five days due to the integration of the Central Bank of Nigeria’s Export Proceeds system with the Truck Transit Park (TTP). ¹ The Association of West African Exporters and Maritime Professionals (AWAEMAP) expressed its displeasure with the development, citing severe disruptions in the export sector.

According to Olubunmi Olumekun, President of AWAEMAP, “The imposition of NXP into the Truck Transit Park portal has caused severe disruptions in the export sector, leading to over $10 million in losses within just five days.”. Olumekun emphasised the need to streamline export processes to balance the nation’s foreign trade, highlighting that the NXP implementation has introduced new operational bottlenecks, “delaying shipments and increasing compliance burdens.

The AWAEMAP boss warned that the prolonged turnaround time for exporting goods would affect government revenue and impact the quality of perishable agricultural produce due to delays in accessing port terminals. “The quality of perishable agricultural produce will be affected because of the delay in accessing the port terminals,” he advised.

In response to the integration, Trucks Transit Parks Ltd., managers of the electronic call-up system, announced that the move would streamline Nigeria’s export processes. However, AWAEMAP urged the Nigerian Ports Authority (NPA) to cease practices that revert exporters to outdated protocols, emphasising the importance of upholding the Central Bank of Nigeria’s single-window platform.

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