In November 2022, the Federal Government of Nigeria, through the Nigeria Port Authority (NPA), licensed five new Export Processing Terminals (EPTs) across the country to begin the operation of handling and processing export cargoes. Establishing and licensing these export processing terminals are critical to increasing Nigeria’s foreign exchange earnings and boosting intra-African trade. The African Free Trade Agreement (AfCFTA) seeks to create a $3.4 trillion economic bloc and end food insecurity in the continent.
Through the EPTs, Nigeria could maximise this advantage by creating an agricultural value chain hinged on production, processing, and export. Also, in line with the current administration’s commitment to diversifying the economy, EPTs are a timely innovation to boost exports in Nigeria.
The EPTs will also seek to address quality concerns over Nigeria’s export through the timely processing of export and onward delivery to the port. In the past, exports from Nigeria arriving at destination ports were rejected because they either expired or halved their shelf-life because of longer waiting time accessing the port and longer time spent on sea-going vessels….
To read more, check full article on Business Day.