How to Open Nigeria Export Proceed Form

Form NXP, or Nigeria Export Proceeds Form, is a critical document in Nigeria’s export ecosystem. As its name implies, this form provides essential information about goods intended for export to authorized stakeholders, including the exporter’s bank, Nigeria Customs Services, Pre-shipment Inspection Agents, and others. By regulatory mandate, Form NXP is a compulsory requirement for commercial exporters, serving as a means to ensure transparency and compliance within the export process.

Authorized dealers, including financial institutions, regulatory bodies, and inspection agencies, rely on Form NXP to obtain comprehensive details about the goods slated for exportation. This information is crucial for various purposes, including regulatory compliance, risk assessment, and trade facilitation. By mandating the submission of Form NXP, Nigerian authorities aim to streamline export procedures and enhance oversight of outbound trade activities.

In essence, Form NXP serves as a cornerstone of Nigeria’s export documentation framework, providing a standardized means for exporters to convey vital information about their export shipments to relevant stakeholders. Its mandatory nature underscores its importance in facilitating smooth and transparent export transactions while ensuring adherence to regulatory requirements.

How to Open Nigeria Export Proceed Form

Opening the Nigeria Export Proceed Form, commonly known as Form NXP, is a crucial step in the process of facilitating export transactions from Nigeria. Below are the steps involved in opening Form NXP:

  1. Accessing the e-Form NXP Platform: Nigerian exporters can access the e-Form NXP platform provided by the Nigeria Single Window Trade Portal (NSWTP) or designated banking channels. This platform serves as the digital interface through which exporters can initiate the process of opening Form NXP.
  2. Registration and Login: Exporters are required to register and create an account on the e-Form NXP platform. This typically involves providing relevant business information, contact details, and authentication credentials. Once registered, exporters can log in to the platform using their credentials.
  3. Completing the Form NXP Online: Upon accessing the e-Form NXP platform, exporters must complete the Form NXP online by entering accurate and comprehensive information regarding the export transaction. This includes details such as exporter information, consignee details, commodity classification, quantity, value, destination country, and other relevant particulars.
  4. Uploading Supporting Documents: Exporters are required to upload supporting documents to substantiate the information provided in Form NXP. These documents may include the pro forma invoice, export contract, bill of lading, packing list, certificate of origin, and any other relevant documentation specified by regulatory authorities.
  5. Review and Verification: Before final submission, exporters must thoroughly review the information entered in Form NXP to ensure accuracy and completeness. Once verified, the form is ready for submission.
  6. Submission to Authorized Authorities: After completing and verifying Form NXP, exporters can submit the form electronically through the e-Form NXP platform or designated banking channels. The form is then forwarded to authorized regulatory authorities, including the exporter’s bank and relevant government agencies, for validation and processing.
  7. Monitoring Form NXP Status: Exporters can monitor the status of their Form NXP submissions through the e-Form NXP platform. This allows exporters to track the progress of their export transactions and ensure timely processing and approval by regulatory authorities.

Nigerian exporters can effectively open the Nigeria Export Proceed Form (Form NXP) and initiate the process of facilitating export transactions in compliance with regulatory requirements.

How much is the NXP fee in Nigeria?

As per the directive from the Central Bank of Nigeria (CBN), the fee for processing the e-Form NXP declaration is set at ₦5,000.00 per declaration. This fee came into effect on October 31, 2019, and remains applicable for all declarations submitted thereafter. The processing bank’s current account will be directly debited for each declaration, and it is the responsibility of the bank to recover this fee from the customer.

Frequently Asked Questions (FAQs)

1. What is the form for exporting in Nigeria? The primary form used for export transactions in Nigeria is the Nigeria Export Proceed Form, commonly known as Form NXP. This form is mandatory for commercial exporters and facilitates compliance with regulatory requirements for exporting goods from Nigeria.

2. How to process NXP in Nigeria? Processing the Nigeria Export Proceed Form (Form NXP) involves several steps:

  • Access the e-Form NXP platform provided by the Nigeria Single Window Trade Portal or designated banking channels.
  • Register and log in to the platform.
  • Complete the Form NXP online with accurate information about the export transaction.
  • Upload supporting documents such as the pro forma invoice, export contract, and bill of lading.
  • Review the information entered and submit the form electronically.
  • Monitor the status of the submission through the platform.

3. What is an export proceed account? An export proceeds account is a designated bank account used by exporters to receive payments for exported goods. It serves as a repository for the proceeds generated from export transactions and ensures transparency in financial transactions related to exports.

4. How much is the NXP fee in Nigeria? The fee for processing the e-Form NXP declaration in Nigeria is set at ₦5,000.00 per declaration, as per the directive from the Central Bank of Nigeria (CBN). This fee came into effect on October 31, 2019, and is applicable for all declarations submitted thereafter.

5. What document do I require before I complete an E-form NXP? Before completing an E-form NXP, exporters typically require essential documents such as the pro forma invoice, export contract, bill of lading, packing list, certificate of origin, and any other relevant documentation specified by regulatory authorities. These documents substantiate the information provided in Form NXP and support the export transaction.

Scroll to Top