The Central Bank of Nigeria (CBN) has appointed two additional Pre-shipment Inspection Agents (PIAs) for non-oil exports. This is in part of efforts to ensure that only goods with acceptable quality are exported from Nigeria.
Director, Trade and Exchange Department, Olakanmi Gbadamosi, in a circular to dealers and operators in the non-oil sector, stated that the notice was given in furtherance of a circular issued by the CBN on November 8, 2004.
The banking sector regulator disclosed that in addition to Messrs Cobalt International Services Limited, Carmine Assayer Limited and Neroli Technologies Limited had been included as PIAs for non-oil exports.
The circular indicated that while Cobalt would cover Northern zone of the country, Carmine Assayer would be in charge of South West and Neroli takes care of South East and South-South zones.
In October 2004, there was the reintroduction of pre-shipment inspection of exports which was suspended in March 1999.
The re-introduction of the scheme was part of the Federal Government economic reform programme aimed at diversifying the export base of the country and a measure to ensure that only goods with acceptable quality were exported from Nigeria.
In order to avoid multiple examinations and minimise delays during inspections, all the relevant agencies (e.g. Nigeria Customs Service, National Agency for Food and Drugs Administration and Control, Standards Organisation of Nigeria, Nigerian Drug Law Enforcement Agency, Department of Petroleum Resources, Weights and Measures Department of Federal Ministry of Commerce, etc) are encouraged to simultaneously work with the Inspection Agent in order to ensure that the quantity, quality and prices of Nigerian exports conform to the International standard.