The Manufacturers Association of Nigeria (MAN) has expressed concerns that the new e-invoicing guidelines by the Central Bank of Nigeria (CBN) may stop manufacturers from deriving maximum value from their exports.
MAN noted in a statement that the new regulation was aimed at achieving near-accurate value of imports and exports in Nigeria.
It said: “It says any Form M or NXP that bears a unit price in excess of 2.5 per cent of the verified global checkmate price will not be approved.
“This is concerning as it will checkmate the opportunity of our exporters to derive higher value for their exports. Besides, we are worried about the determination of global price verification mechanism and benchmark prices.
“What happens if some companies are able to negotiate better prices due to their scale of order and are able to get competitive lower prices? Will these competitive prices be within the benchmark? Clearly, this aspect of the policy will lead to several challenges on valuation down the line, including a floodgate of valuation issues with Nigeria Customs Service.”
The association said the central bank’s new directive on the transmission of authenticated invoices would be fraught with unnecessary bureaucracy as well as multiple charges.
It added: “In paragraph H, the CBN directs suppliers and buyers to transmit their authenticated invoices through the CBN appointed service provider to the Nigeria Single Window portal.
“While MAN considers this measure as a step to check perceived malpractices, we believed that the essence of Single Window policy is being diminished and this could introduce unnecessary bureaucracy with attendant multiple charges.
“We already contend with this type of anomaly and could ill afford any addition. It will also be a disincentive to local and foreign investors.”