Nigeria Fully Integrates Commercial Banks For Form ‘M’

Nigeria Enhances Trade Processes with Full Bank Integration for Form ‘M’ Applications

In a significant move to boost Nigeria’s trade facilitation, the Comptroller-General of the Nigeria Customs Service (NCS), Mr. Adewale Adeniyi, has announced the complete integration of all commercial banks for seamless Form ‘M’ openings.

This advancement aligns with the deployment of the indigenous B’Odogwu trade facilitation tool at Apapa and Tin Can Island ports in Lagos, following a successful pilot phase at the PTML Command earlier in 2024.

B’Odogwu System Revolutionizing Trade Documentation

The integration of commercial banks into the B’Odogwu trade system marks a transformative step in modernizing Nigeria’s customs operations. This initiative aims to enhance trade documentation, improve revenue collection, and increase efficiency in cross-border transactions.

Mr. Adeniyi emphasized that the Central Bank of Nigeria (CBN) has directed all authorized dealer banks to comply with the B’Odogwu platform, ensuring a smooth and efficient process for traders seeking Form ‘M’ approvals.

The B’Odogwu trade facilitation system, designed to replace the Nigerian Integrated Customs Information System (NICIS) II, is part of the government’s broader effort to modernize customs operations and eliminate inefficiencies in trade documentation.

Expanding Digital Customs Operations for Greater Efficiency

The Nigeria Customs Service (NCS) has also expanded the B’Odogwu system to Apapa and Tin Can Island ports, reinforcing the success of its initial implementation at PTML Command. Mr. Adeniyi highlighted the strategic importance of this deployment, stating that it aligns with the customs modernization agenda and will help in blocking revenue loopholes.

“This initiative is a crucial step forward, as it ensures better transparency and efficiency in customs operations,” Adeniyi noted. He further explained that the termination of an outdated contract with a former service provider led to the adoption of TMP Limited, a local technology company, to develop this new, homegrown system.

“The challenges we faced with NICIS prompted us to start fresh. We created B’Odogwu to eliminate previous delays and frustrations,” Adeniyi added.

Strengthening Nigeria’s Trade Position Globally

The term B’Odogwu, derived from a Nigerian phrase, represents “Border Strength” and signifies leadership in trade facilitation.

Apapa Area Controller, Comptroller Babatunde Olomu, reaffirmed the command’s preparedness for the next phase of customs digitalization. He highlighted the comprehensive training programs conducted for officers and stakeholders, which have already received positive feedback.

“Nigeria Customs, under Adeniyi’s leadership, is currently the fastest-growing customs administration in Africa,” Olomu added.

For further details on Nigeria’s trade facilitation efforts, visit the official Nigeria Customs Service website.