Customs, CBN Strengthen Partnership to Implement Technology-Driven Trade Reforms
In a bid to enhance trade facilitation and boost revenue generation, the Nigeria Customs Service (NCS) has reaffirmed its commitment to strengthening collaboration with the Central Bank of Nigeria (CBN). This partnership aims to drive the full implementation of the B’Odogwu system, an indigenous trade facilitation platform developed by the NCS.
The Comptroller-General of Customs, Adewale Adeniyi, emphasized the importance of this partnership during a courtesy visit to the CBN, where he met with the Governor, Olayemi Cardoso. According to Adeniyi, the B’Odogwu system is designed to modernize Customs operations, improve efficiency in trade documentation, and enhance revenue collection.
As clearing and forwarding agents in Nigeria can attest, the current manual process of communicating prevailing exchange rates to the NCS for duty collection can be cumbersome. Adeniyi highlighted the need for seamless integration between Customs and financial institutions, particularly in automating foreign exchange transactions and trade-related payments.
The B’Odogwu system has been piloted at the Port and Terminal Multi-services Limited (PTML) Area Command in Lagos, with initial challenges encountered, particularly resistance from some Authorized Dealer Banks (ADBs). Adeniyi urged the CBN to grant the necessary approvals for banks to integrate into the system, enabling seamless transactions.
In response, the CBN Governor, Olayemi Cardoso, commended the NCS for its innovative approach and pledged his support in ensuring the initiative’s success. “Collaboration is key, and we will continue to work closely to ensure seamless integration. Our commitment is to provide the necessary support so that the banking sector aligns with this transition,” Cardoso said.
The successful implementation of the B’Odogwu system is expected to benefit all Nigerians, particularly importers and exporters who rely on clearing agents in Apapa Lagos and other Nigerian ports. By streamlining trade processes and enhancing revenue collection efficiency, the NCS and CBN are working together to facilitate trade and boost economic growth.
As Nigerian imports and exports continue to grow, the importance of efficient trade facilitation cannot be overstated. The partnership between the NCS and CBN is a significant step towards achieving this goal, freight forwarding agents in Nigeria and will play a critical role in ensuring the success of the B’Odogwu system.
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