NESG lauds CBN for suspending price verification system portal
Maureen Aguta
The Nigerian Economic Summit Group (NESG) said suspension of Price Verification System Portal (PVSP) by the Central Bank of Nigeria (CBN) will enhance economic efficiency, boost industrial output, and support macroeconomic stability.
The group added that the policy change will lead to a more streamlined importation process.
CBN days ago, announced decision to discontinue the Price Verification System Portal used by importers, effective from July 1, 2024 in a circular addressed to relevant stakeholders.
“By removing this administrative hurdle, businesses can expedite the importation of goods and raw materials, reducing lead times and improving the efficiency of supply chains. This enhancement in operational efficiency is expected to lower production costs and increase the availability of goods in the market”
“The removal of the verification process will reduce the transaction costs associated with importation. Importers will save on both time and money previously spent on compliance, allowing them to reallocate these resources towards more productive uses. This reduction in transaction costs is likely to enhance profit margins and promote investment in expansion and innovation. The discontinuation of the Price Verification System will contribute to a more business-friendly regulatory environment, thereby boosting investor confidence. This improved sentiment is expected to attract both domestic and foreign direct investments (FDI). Enhanced investment inflows will support the growth of the real sector, leading to increased production capacity and job creation”, NESG said in a statement at the weekend in Abuja.
“NESG commends the CBN for its responsiveness to the concerns raised by the business leaders and organised Private sector. This policy change not only reflects a commitment to improving the ease of doing business in Nigeria but also demonstrates the positive outcomes that can result from effective public-private dialogue. The decision to discontinue the Price Verification System Portal is expected to enhance economic efficiency, boost industrial output, and support macroeconomic stability”, it said.
At the recent NESG-convened meeting, in partnership with the CBN, business leaders articulated significant concerns regarding the Price Verification System Portal, among others, particularly noting its impact on operational efficiency and importation processes. CBN in response has acted to enhance the business environment by eliminating the mandatory Price Verification Report for the completion of Form ‘M’.