Form NXP Nigeria is Form M in the revers. What do we mean by this? The central bank of Nigeria requires every importation to Nigeria to be preceded by Form M. The Form M with information harnessed from the proforma invoice gives government agencies an estimate of what is to be imported. Hence, my colleague defined Form M as initial and estimated declaration to the government of import details.
Similarly, Form NXP does for the exporter what Form M does for the importer. Concerned government agencies want to know details of the export. This article will give an up-to-date information on how to process and obtain Form NXP in Nigeria.
FORM NXP NIGERIA: WHAT IS FORM NXP?
Form NXP is an acronym that stands for Nigeria Export Proceeds Form. As the name suggest, the form gives authorized export dealers information on the goods being exported. Authorized dealers in this case includes the Exporter’s bank, Nigeria Customs Services, Pre-shipment Inspection Agents, etc. Thus, by regulation, the Form NXP Nigeria is a compulsory document that must be completed by commercial Exporters.
Before October 31 2019, Form NXP Nigeria was completed manually. The Exporter of goods was required to pick the form from his bank, complete and return to the bank. Has also required to make duplicate copies and send to other agencies for completion. However, by the said date of October 31 2019, Form NXP was automated.
Read Also: EXPORTATION LICENCE: GOODS FOR EXPORT
FORM NXP NIGERIA: AUTOMATION
The Central bank of Nigeria in its circular dated October 28 2019, provided as follows:
“This is to inform all authorized dealer, Nigeria Customs, Pre-shipment Inspection Agents and the public of the development of e-Form NXP.
Accordingly, the e-Form NXP shall replace the hard copy Form NXP for commercial exports with effect from October 31, 2019.
Consequently, all authorized dealers are required to ensure as follows:
- The processing of Form NXP shall only be done electronically on the trade monitoring system.
- Bank’s export customers are required to obtain a valid Tax Identification Number (TIN) from the FIRS. The TIN is prerequisite for customers to access the trade system for e-Form NXP application.
- The e-Form NXP is web based and allows the Exporter to initiate the Form from their offices/homes and submit same to the Authorized Dealer Bank.
- A charge of N5,000.00 as fee per declaration for e-Form NXP is applicable with effect from October 31, 2019 and henceforth.”
With the above quotation from the central bank of Nigeria, it is clear that Form NXP Nigeria is now processed electronically. Let us now see how to process the form electronically.
HOW TO PROCESS ELECTRONIC FORM NXP
First of all, looking at the CBN circular partly quoted above, its obvious that Tax Identification Number is the first requirement to electronic Form NXP. For information on how to validate Tax Identification Number Tin on the Nigeria trade portal, read my article below.
- login to the Nigeria trade portal here using tax identification number as username, and the password created following my article above.
Looking up at the top right hand corner, you will see your company name displayed. This means that the applicant has logged in to his page.
- Next, select the CBN from the ‘Agencies’ menu.
- Click on the search and select Form NXP according to the below images
- Complete the form by clicking on each heading.
Read Also: FORM M NIGERIA: HOW TO PROCESS AND OBTAIN IT
The documents to attach with the electronic Form NXP are as follow:
- The proforma invoice
- Evidence of payment for Nigeria Export Supervision Scheme (NESS).
- Exporter’s certificate of registration with Nigeria Export Promotion Council – NEPC
- Applicable sales contract.
The NXP Form stands for Nigeria Export proceeds Form. In my words, I define it as Form M in the reverse. Therefore, it is a compulsory document for the export of commercial commodities out of Nigeria. Furthermore, the Form is now automated and must be filled by Exporters directly. To process Form NXP Nigeria, Exporters must first of all activate their TIN with FIRS on the single window trade portal. Finally, Vagmon E-Grup & Logistics is an expert documentation and clearing services company. Contact us today for your imports and exports.