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, the 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.”
in a statement by 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.