THE INVOLVEMENT OF THE FEDERAL GOVERNMENT IN TRADE SUPPORTS

In a circular issued by the Central Bank of Nigeria in April 2017,6 the Federal Government approved the reduction of documentation requirements and the timeline for import and export trade transactions in Nigeria. With this reform, the Government hopes to stimulate an enabling environment for embarking on business in the country, and hopefully improve upon the country's low ranking on the World Bank's Ease of Doing Business index.7

Some of the changes approved by the Federal Government include the following:
The Reduction of Export Documentation:
Export documentation have been reduced from ten to seven, making the following the required documentation:

. Bill of lading
. Certificate of origin
. Commercial invoice
. Single goods declaration
. Nigerian exports proceeds (NXP)
. Clean certificate of inspection
. Packing list