{"id":13471,"date":"2020-12-11T14:14:31","date_gmt":"2020-12-11T14:14:31","guid":{"rendered":"https:\/\/bartalks.net\/?p=13471"},"modified":"2021-01-01T15:26:39","modified_gmt":"2021-01-01T15:26:39","slug":"cocoa-beans-trapped-at-ports-due-to-new-nigerian-export-rule","status":"publish","type":"post","link":"https:\/\/bartalks.net\/cocoa-beans-trapped-at-ports-due-to-new-nigerian-export-rule\/","title":{"rendered":"COCOA BEANS TRAPPED AT PORTS DUE TO NEW NIGERIAN EXPORT RULE"},"content":{"rendered":"\n
The new Nigerian export rule introduced has led to about 100,000 tonnes of cocoa beans trapped at ports.<\/p>\n\n\n\n
The backlog occurred after the change which now means approvals to clear a container for shipping are taking up to 40 days instead of 7. <\/p>\n\n\n\n
There are strong indications that federal government\u2019s efforts to gain back some of the foreign-exchange earnings lost to falling oil prices are causing delays in exports including cocoa, and adding to a problem the Central Bank of Nigeria (CBN) sought to address in the first place.<\/p>\n\n\n\n
Nigeria is the world\u2019s fifth largest cocoa producers, a key ingredient in chocolate. Africa\u2019s largest economy fell into a recession last quarter amid widespread criticism of the governments fiscal policy. Nigeria’s golden years of excellent fiscal stewardship ended after the superb Ngozi Okonjo-Iweala left the job in 2015 and was replaced by the dubious competence of Kemi Adeosun, who subsequently resigned after allegedly forging her NYSC certificate of exemption.<\/p>\n\n\n\n
The task ahead for the current finance minister Zainab Ahmed is a formidable one, dealing not only with the impact of COVID-19, the subsequent drop in oil price (Nigeria is a big exporter), but also inflation and a high birth rate, among other challenges. New initiatives to attempt to balance the books can be expected.<\/p>\n\n\n\n