Zenith Bank, UBA, FBN Top List for Processing Form NXP in Q1 2023

As Federal Government makes effort to ensure an enabling environment for businesses to thrive by automating the Nigerian Export Proceeds Form (“Form NXP”) for commercial exports, three Nigerian banks has been discovered to be outstanding and dutiful in processing NXP for ease of doing business in Nigeria.

The three banks are Zenith bank, United Bank of Africa and First Bank of Nigeria.

This is coming following the directives issued by the Central Bank of Nigeria, CBN to the banks on maximum timeliness for processing the mandatory Nigerian Export Proceeds Form NXP.

Recall, Buiness Remarks reported that CBN has given banks a maximum of 48 hours to process NXP.

According to the Nigerian Export Promotion Council (NEPC), 30 banks participated in the issuance of the Nigeria Export Proceed Forms (Form NXPs) for the first half-year of 2023.

The Executive Director of NEPC, Dr Yakusak Ezra, said this in Abuja at the presentation of the first half-year progress report on the non-oil export performance for 2023.

Yakusak said, for the first half of the year 2023, Zenith Bank PLC processed the highest NXPs value at 38.11 per cent, United Bank of Africa (UBA) Plc and First Bank of Nigeria had 10.50 per cent and 9.87 per cent respectively, however, the NEPC warned that the volume of inter-African trade was still very low.

Also Read: CBN Mandates Banks to Process Nigerian Export Proceeds Form NXP Within 48 Hours

The Form NXP is a mandatory document to be completed by all exporters through authorized dealer bank for shipment of goods outside Nigeria irrespective of the value and whether or not payment is involved. Any customer willing to engage in export business is required to register with the Nigeria Export Promotion Council.

Business Remarks also reported the NEPC on Monday said that non-oil exports in the first half of 2023 generated 2.539 billion dollars.

The Executive Director of NEPC, Dr Yakusak Ezra, non-oil export returns from the various pre-shipment inspection agents indicated that 3,944,344.17 metric tonnes of products worth 2.539 billion dollars were exported between January and June 2023.

Yakusak stated that 164, 748.75 metric tonnes of products valued at 55.085 million dollars were exported to various African countries.