Nonye Ayeni, the executive director of the Nigeria Export Promotion Council (NEPC), shared this update on Friday while talking to reporters about the non-oil export performance for 2024 in Abuja.
Export proceeds refer to the funds that Nigerian exporters earn from selling goods abroad.
Ayeni mentioned that the council had discussions with the CBN about adding the CFA franc, noting that it's a key currency in cross-border trade.
He also pointed out that the CFA franc is now one of the currencies that bankers will accept as export proceeds.
“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds,” she said.
“We will be working with CBN and the banks to ensure full implementation.
“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme.”
Ayeni shared that the council has provided hybrid seedlings and farming supplies to more than 1,200 farmers nationwide.
She mentioned that they distributed sesame and hibiscus seeds along with farming inputs in the northern regions, cashew in the west, and palm seedlings in the east. This initiative aims to strengthen the skills of farmers and processors while boosting their production capabilities.
The executive director highlighted that the NEPC is committed to improving the quality of products made in Nigeria through the “Go Global, Go for Certification” campaign.
She noted that the council has started certifying 400 small and medium-sized enterprise (SME) exporters.
“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process,” she said.
“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.”
Ayeni explained that the scheme is intended to help SMEs gain international certification, which will open doors to niche markets.
She also pointed out that the council is working through its regional and state offices to bring informal border trade into the formal economy.
The executive director stated that this effort will enhance foreign exchange earnings and improve the collection of export data for the country.