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CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports - Agriculture - Nairaland

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CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by lalasticlala(m): 1:35pm On Nov 27, 2020
The Cocoa Exporters Association of Nigeria has disclosed that 100,000 tons of cocoa beans are trapped at Nigerian ports due to a CBN documentation approval, which forces exporters to ensure that sales from export are repatriated to Nigeria.

This was disclosed by Pius Ayodele, President of the Cocoa Exporters Association of Nigeria, in a report by Bloomberg. He added that the approval process could take as much as 40 days from CBN.

A Cocoa industry stakeholder told Bloomberg that CBN paused exports for over 2 weeks to ensure exporters complied with the new rules, “We have five containers at the ports, some of which have left the factory for well over two months now."

According to Bamidele Ayemibo, the Lead Consultant at 3T Impex Trade Academy, “The central bank is just enforcing what has always been in the books, which is don’t export without a declaration. People are exporting without a declaration."

However, exporters said they are not against the rule, but against the bureaucratic nature of the ruling, as shipping lines can’t enforce the law and are better operated through inspection agents.

What you should know
Nairametrics reported in April that the Nigerian Export Promotion Council said “Agricultural exports, especially cocoa, are predicted to suffer. A fall in exports of over US$100 million in the cocoa sector in Nigeria is predicted, as a result of declining prices due to falling demand in Europe.”

In October, the Central Bank of Nigeria (CBN) commenced the distribution of cash and inputs to cocoa farmers under the Anchors Borrowers Programme. Cash and inputs worth N770million were distributed to 221 cocoa farmers in 10 cocoa producing states in Nigeria.

Nigeria is the fourth largest exporter of cocoa beans globally, behind Côte d’Ivoire, Ghana, and Indonesia, according to the National Export Promotion Council. Cocoa exports in Nigeria is projected to grow annually by 4% in the coming years.

https://nairametrics.com/2020/11/27/100000-tons-of-cocoa-stranded-at-ports-due-to-cbn-documentation-cocoa-exporters/

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Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by Johnrake69: 1:36pm On Nov 27, 2020
This policy somersault from Emefiele and co will soon turn our economy to like that of Zimbabwe.

73 Likes 2 Shares

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by CNNN: 1:37pm On Nov 27, 2020
Nigeria and problem

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Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by Nobody: 1:37pm On Nov 27, 2020
Nigeria my country!
Fellow Nigerians, please never give up! Better days ahead! It is well.

15 Likes 2 Shares

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by todaynewsreview: 1:39pm On Nov 27, 2020
Hmmmmm


"He added that the approval process could take as much as 40 days from CBN."

12 Likes 1 Share

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by King2019(m): 1:40pm On Nov 27, 2020
Not entirely necessary
Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by chatinent: 1:40pm On Nov 27, 2020
Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by GIANTPLUSHUB: 1:42pm On Nov 27, 2020
Mheen! This policy doesn't look good. So, the farmer should repatriate the dollar to Nigeria while the government buys at cbn rate. Policy doesn't look good.

17 Likes

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by Seun(m): 1:43pm On Nov 27, 2020
Why should a government that wants to diversify the economy and strengthen the naira, impose rules that will make exportation more difficult?

84 Likes 6 Shares

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by Nobody: 1:46pm On Nov 27, 2020
Seun:
Why should a government that wants to diversify the economy and strengthen the naira, impose rules that will make exportation more difficult?

Very Bad Policy


This is similar to mutilating the genitals of one's spouse based on their actions which suggest infidelity instead of meaningful interaction and compromise to even confirm if the accusation is even true.


It is true that Nigeria has a dollar deficit and an all time low dollar reserve but the government to ensure that dollars earned from exports are brought back to Nigeria must not act like a headless romantic partner and kill export businesses. At least even if the cocoa producers stock some of their dollars abroad, they will change a little of it to pay their employees and finance their production process to expand their companies. When the government blocks everything, there won't be even a little amount of dollars that the exporters would change to naira to pay their employees and expand their businesses which would not only make Nigeria's dollar shortage worse but would also cause the unemployment of those who work at such Cocoa production firms.

22 Likes 1 Share

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by CNNN: 1:48pm On Nov 27, 2020
Seun:
Why should a government that wants to diversify the economy and strengthen our the naira impose rules that will make exportation more difficult? How can the CBN, whose governor is angry about the N480/$ exchange rate, make it harder for farmers to earn dollars?

Sad.
You are absolutely right. The government is the problem.

15 Likes

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by slawormiir: 1:50pm On Nov 27, 2020
Damnnn niggarrrr
Isoright
Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by Samsimple(m): 1:50pm On Nov 27, 2020
Na only dangote dey enjoy freedom from Nigeria government hand

Check my signature

21 Likes 2 Shares

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by Baybii: 1:51pm On Nov 27, 2020
Nawa oooo. Na until everybody for this country start to chop kernel and garri way dem go free us? Tufia. I shouldn't have been born here.
Very very incompetent leaders! They want to push the whole nation into the dark era! angry

4 Likes 1 Share

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by noble71(m): 1:51pm On Nov 27, 2020
When this government is done with Nigerians Zimbabwe will be heaven compared with what will happen here. Always dissing out poor economic policies.

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Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by atobs4real(m): 1:51pm On Nov 27, 2020
what a sad news

3 Likes

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by 900warriorz: 1:51pm On Nov 27, 2020
This Policy will soon frustrate the efforts of local farmers and discourage the little exportation they do..

No be say Govt and the yeye CBN no dey benefit from am oo.

But for their own reasons, they just wan show us say na their hand power dey.

I dont even know the Policy implemented grin

7 Likes

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by AbijaJ: 1:51pm On Nov 27, 2020
Emefiele whhhyyyyyyyyy?

3 Likes

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by Seniorwriter(m): 1:52pm On Nov 27, 2020
Always in the news for the wrong reasons what a monetary governor...worst ever.!!!

Proactivity Leads To Productivity!

©Seniorwriter

3 Likes

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by BlueYep: 1:52pm On Nov 27, 2020
Oga o

1 Like

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by Bheaut: 1:52pm On Nov 27, 2020
totally uncalled for

1 Like

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by Ajibel(m): 1:52pm On Nov 27, 2020
Ease of doing business which Osinbajo is championing is in contrast with these CBN policies by Emefiele

8 Likes

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by ATEAMS: 1:53pm On Nov 27, 2020
It's well

1 Like

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by Bornhato: 1:53pm On Nov 27, 2020
Nonsense

2 Likes

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by kennyflames(m): 1:53pm On Nov 27, 2020
confused people

2 Likes

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by PHijo(m): 1:53pm On Nov 27, 2020
Johnrake69:
This policy somersault from Emefiele and co will soon turn our economy to like that of Zimbabwe.


Zimbabwe will be like paradise! More like Venezuela. The primary issue is Buhari, not Emefiele. The CBN is overwhelmed. Both monetary and fiscal interventions have been left to them because the Buhari cabinet has failed to act.

5 Likes

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by Ladokp: 1:53pm On Nov 27, 2020
I don't get

1 Like

Re: CBN Blocks Exportation Of Cocoa: 100,000 Tons Trapped In Ports by prince2pac(m): 1:53pm On Nov 27, 2020
Buhari wetin Una wan turn we kwantri into

1 Like

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