Stakeholders in the Cocoa industry, under the body, Cocoa Processors Association of Nigeria (COPAN), have expressed their displeasure about the content of a Bill on Export Regulations before the National Assembly.

According to them, it will negatively impact the business of cocoa beans exports.

The stakeholders added that the bill will undermine the progress made by Nigeria to earn more from the export of cocoa beans and add to the nation’s GDP as obtainable in Cote d’Ivoire and Ghana.

Chairman of COPAN, Otunba Felix Oladunjoye, stated that the proposed Export Regulations 2024 would kill their businesses because the agency lacks both the infrastructure and human capabilities to regulate numerous export transactions in the Nigerian sea and airports.

He said: “Nigeria’s current foreign exchange inadequacy will suffer more under the new NAFDAC export regulations.

"NAFDAC’s proposed export regulations 2024 are a sheer duplication of efforts and functions of other government agencies.

“If the National Assembly passes the bill into law, the resultant effects would be multiple taxation, delayed shipments resulting in international contract default, heavy penalties on Nigerian exporters, loss of employment, and worsening company profitability.

"Section 17 says, '(a) Where the Agency considers the application for export to be satisfactory and having met all the requirements prescribed by the Agency for exportation, the applicant shall be issued with the appropriate certificate; (b) Where the application for export is unsatisfactory, the applicant shall be informed in writing and stating the reasons for non-issuance of the applicable certificate'

“NAFDAC taking up this responsibility is a duplication of duty, which is already in existence, and double payments for the same service being rendered by NEPC. These particular sections are for revenue generation, which would affect our operations financially and economically and delays in shipments.”