The Manufacturers Association of Nigeria (MAN) has expressed concerns over the Central Bank of Nigeria’s (CBN) guidelines on e-Valuation and e-Invoicing; asking the apex bank to suspend the policy for now and give adequate consideration for a stakeholders’ dialogue with a view to addressing the concerns.
CBN had on January 21 announced plans to commence operationalisation of e-Valuator and e-Invoice; saying, effective from February 1, all import and export operations will require the submission of an electronic invoice authenticated by the authorized dealer banks on the Nigeria single-window portal – Trade Monitoring System (TRMS).
Director-General of MAN, Segun Ajayi-Kadir said there was the need to ensure that the CBN does not go ahead to implement the guidelines without accommodating the constructive inputs of stakeholders, especially those whose businesses would be negatively impacted.
MAN called for an extension of the implementation by a minimum of 90 days; saying, a circular on monetary or fiscal guidelines requires adequate adjustment time, particularly, when it involves international trade and transactions; noting that the eleven days grace before implementation was rather hasty.
“Many operators would have opened Form M and concluded deals either, for import or export. One must say that transactions already embarked upon before the commencement of the guidelines should be exempted and the commencement date should be extended by a minimum of 90 days,”
“There should also be a clear, step-by-step process of transaction under the guidelines. This is necessary to ensure that government does not inadvertently create a regime of chaos that will decelerate the already low level of activity in the manufacturing sector, and the economy in general.” Ajayi-Kadir said.
