The Nigerian Export Promotion Council (NEPC) has announced that the Central Bank of Nigeria (CBN) has approved the inclusion of the CFA Franc on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.
The Executive Director of NEPC, Mrs Nonye Ayeni, disclosed this while addressing the media on Friday’s Non-Oil Export Performance for 2024 in Abuja.
Ayeni stated that the council had engaged the CBN in including the CFA Franc, recognizing it as a dominant currency in cross-border trade.
“I am delighted to inform you that the CBN has magnanimously approved the CFA Franc to be captured on NXP forms for the repatriation of export proceeds. We will be working closely with the CBN and banks to ensure full implementation,” she said.
She described the approval as a significant breakthrough for the council, reinforcing the impact of NEPC’s flagship export promotion programs.
Ayeni also highlighted NEPC’s efforts to enhance agricultural productivity by distributing hybrid seedlings and farm inputs to over 1,200 farmers nationwide.
ALSO READ Nigeria’s e-payment transactions soar to record N1.07 quadrillion in 2024
“We have distributed sesame, hibiscus, and farm inputs in the North, cashew in the West, and palm seedlings in the East to enhance farmers’ capacity and increase production,” she noted.
In addition, she emphasized the council’s commitment to improving the quality of Made-in-Nigeria products through its “Go Global, Go for Certification” campaign.
Under this initiative, NEPC has facilitated the certification of 400 Small and Medium Enterprise (SME) exporters, to certify a total of 855 SMEs by 2025.
“This scheme enables SMEs to acquire international certification, granting them access to niche markets,” Ayeni stated.
Furthermore, Ayeni revealed that NEPC, through its regional and state offices, had initiated efforts to integrate informal border trade into the formal economy.
This initiative, she explained, aims to boost foreign exchange earnings and improve data capture for Nigeria’s exports.
“Interactive sessions were held with several trade associations operating within border areas, and at the end of the exercise, no fewer than 1,116 informal sector operators were trained in formalizing export trade. We will build on this,” she assured.
Ayeni reiterated NEPC’s commitment to strengthening Nigeria’s non-oil export sector, ensuring greater economic diversification and sustainable growth.
