The Nigeria Export Promotion Council (NEPC) has announced that the Central Bank of Nigeria (CBN) has approved the inclusion of the CFA Franc in Nigeria Export Proceed (NXP) forms for the repatriation of export earnings.
Executive Director of the NEPC, Nonye Ayeni, disclosed this during a press briefing on Nigeria’s Non-Oil Export Performance for 2024 in Abuja. She stated that the council had engaged the CBN on the matter, given the CFA Franc’s dominance in cross-border trade.
“I am pleased to inform you that the CBN has generously approved the inclusion of the CFA Franc in NXP forms for export proceeds repatriation,” Ayeni said. She added that the NEPC would work with the CBN and banks to ensure smooth implementation, describing the move as a significant milestone for the council’s initiatives.
As part of its broader efforts to support exporters, Ayeni highlighted that the NEPC distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country. Sesame, hibiscus, and other farm inputs were supplied in the north, cashew in the west, and palm seedlings in the east to enhance agricultural productivity.
The NEPC has also been working to improve product quality through its “Go Global, Go for Certification” campaign, which aims to certify 400 Small and Medium-sized Enterprise (SME) exporters.
“We have successfully completed certification for some, while the rest are in progress. By 2025, a total of 855 SMEs will have benefited from this initiative,” Ayeni stated. The programme is designed to equip SMEs with international certifications, enabling them to access niche markets.
Additionally, the NEPC is working to formalise informal border trade, a move expected to boost foreign exchange earnings and improve export data tracking.
“Several interactive sessions were conducted with trade associations at various border locations,” Ayeni noted, adding that 1,116 informal sector operators had been trained on formalising export trade.
“We will continue to build on this progress,” she assured.
Credit: NAN (Text Excluding Headline)
