SGS Goes Live with New ‘Cross-Border e-Invoicing’ Program for the Central Bank of Nigeria

Loading component...

March 03, 2022

Loading component...

SGS has been appointed by the Central Bank of Nigeria (CBN) to deliver its new 'Cross-Border e-Invoicing' program.

Developed by our in-house experts, the program aims to help organizations and governments around the world prevent invoicing fraud in international trade. This new contract with the CBN is designed to prevent the depletion of the country's foreign currency reserves and to tackle fraudulent trade practices related to trade mis-invoicing, price transfers and tax evasion.

The service, which went live on February 1, 2022, means exporters to and in Nigeria must now follow the country's trade e-invoicing program when invoicing import and export transactions in pursuance of Circular TED/FEM/FPC/PUB/01/001.

Andy Hunter, Managing Director, Nigeria, Togo, and Benin said: "We are delighted to join forces with CBN to deliver our robust and easy to use program. CBN will benefit from the assurance that the goods and services they procure from abroad are correctly invoiced, the right amount of tax is paid, and external payments are fully reconciled with import declarations.

"It's a huge asset for those organizations engaged in the fight against fraud through fictitious suppliers, double-invoicing or illegal modifications to invoices received."

Suppliers of goods and services who wish to issue invoices to CBN must register on its Enrolment Platform to request authentication. Once successful, SGS delivers a digital certificate enabling access to the e-Invoicing platform. Invoices can then be issued in the format specified by CBN. Once cleared automatically by SGS, they are delivered to all relevant parties involved in the transaction. Suppliers then have immediate access to e-invoices in order to transmit them to buyers.

Why use cross-border e-invoicing from SGS?

Our Cross-Border e-Invoicing service helps governments:

Prevent the issuance of fake invoices
Encourage compliant forex operations and customs declarations
Allow for full reconciliation of trade data by authorities
Reduce domestic tax fraud
Increase government revenue through collection of correct trade duties and taxes
Enhance compliance monitoring and continuous improvements

Businesses benefit from:

Standardization of international trade invoicing
Straightforward recovery of VAT paid on imports
Reduced uncertainty in relation to additional costs from authorities' audits
Reduced operating costs

Learn more about SGS e-Invoicing Services >

For further information, please contact:

Emmanuel Oyebode
Business Manager
Connectivity & Products – Trade Facilitation Services
t: +234 1 262 3042

About SGS

We are SGS – the world's leading testing, inspection and certification company. We are recognized as the global benchmark for quality and integrity. Our 96,000 employees operate a network of 2,600 offices and laboratories, working together to enable a better, safer and more interconnected world.