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CBN to begin e-invoice for imports, exports February 1

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The Central Bank of Nigeria says all import and export operations will require the submission of an electronic invoice authenticated by the authorised-dealer banks on the Nigeria single window portal, Trade Monitoring System with effect from February 1.

The CBN stated this on Friday in a circular signed by its Director, Trade and Exchange Department, Dr O. S. Nnaji, sent to all authorised dealers and the general public.

It said, ‘Further to the circular referenced TED/FEM/FPC/GEN/01/005 dated August 05, 2020, all authorised dealers and the general public are hereby informed of the introduction of e-valuator and e-invoice which replaces hard copy final invoice as part of the documentation required for all import and export transactions.

“Effective February 1, 2022, all import and export operations will require the submission of an electronic invoice authenticated by the authorised dealer banks on the Nigeria single window portal – Trade Monitoring System.

“This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.”

According to the CBN, the e-invoicing guidelines require that products that are more than 2.5 per cent around the vertical price would be queried and will not be allowed successful completion of Form M or Form NXP as the case may be.

It said an importer/exporter of goods into Nigeria must ensure that the purchase/sale contract with a foreign supplier/buyer stipulates compliance with the obligations set out in this regulation and that the supplier’s/seller’s invoice must be submitted in electronic format and authenticated by authorised dealer bank as part of the documentation for payment.

“No importer/exporter may effect payment to the credit of any foreign supplier unless the electronic invoice has been authenticated by authorised dealer banks presented together with the relevant document for payments,” it added.

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FG targets 1.4mbpd domestic refining before 2027

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Minister of State for Petroleum Resources, Chief Timipre Sylva

The Federal Government has disclosed plans to actualise 1.4 million barrels per day, mbpd, domestic refining of crude oil in the next five years.

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Nigeria’s GDP grew by 3.11% in Q1 – NBS report

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The National Bureau of Statistics has said the nation’s gross domestic product (GDP) grew by 3.11 per cent in the first quarter of 2022.

The NBS said this on Monday in its new Gross Domestic Product Report, showing the sixth consecutive quarter of positive growth.

It stated the first quarter 2022 growth rate further represented gradual economic stability due to strong growth posted by the non-oil sector.

Part of the report read, “The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points. “Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.

“In the quarter under review, aggregate GDP stood at N45,317,823.33 million in nominal terms.

“This performance is higher when compared to the first quarter of 2021, which recorded aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%.

“The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25% growth recorded in the first quarter of 2021 and higher compared to the 13.11% growth recorded in the preceding quarter.”

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Reps summon NPA, terminal operators over huge debt owed FG

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The House of Representatives Public Accounts Committee has summoned the leadership of the Nigerian Ports Authority and seaport terminal operators over $852.094 million and N1.897 billion and other funds owed the Federal Government.

According to the committee, N269.410 million of the N1.8 billion has been recovered while the balance of N1.6 billion “invoices processed on the encumbered areas remains unpaid.”

It added, “The sum of $504,663,452.37 is volume change on fix lease lease fee payment by APMT arising from clauses in the concession agreement between NPA and APMT out of the total sum of $852,093,730.77.

“Bills raised on encumbered areas which remain unpaid is $19,169,459.00. The following has been paid GMT-$54,707,700.08, unpaid penalties – $11,922,642.68 and unpaid VAT-$28,693,707.07”.

“$92,533,518.72 has been recovered; leaving unpaid lease and throughput fee in the sum of $139,970,637.71 (made up of $113,982,486.82 and $5,988,150.89) respectively.

The committee directed the NPA management to reconcile their records with the office of the AuGF and provide evidence of remitting the recovered N269.51m and $92.534m to the government.

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