CBN to sanction shipping companies exporting undocumented cargoes

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The Governor of the Central Bank of Nigeria (CBN), Godwin Emiefele, has read out a riot act to shipping companies exporting undocumented cargoes from the shores of the country. Emiefele sent out this note of warning at the RT200 Non-Oil Export Summit 2023 on Tuesday in Abuja.

While speaking on the theme “Challenges and Prospects to Success,” he detailed the importance of diversifying from oil exports. “We all know that a nation that continues to export more than it imports is destined to fail and there will be no meaningful development of any nation without harnessing its export sector for the good of the nation,” he said.

“In the case of Nigeria, we know that developing the non-export oil sector is absolutely imperative given that it holds vast potential for generating a significant amount of foreign exchange earnings.” The apex bank governor warned exporters who disregarded several warnings to follow due process in ensuring their documentation met the needed criteria for export.

“We keep hearing people trying to sidetrack the process and all I can do now is appeal to those of us who believe we can do business without proper documentation to try as much as possible to desist from this practice,” he said.

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