The Federal Government has been urged to stabilise the nation’s foreign exchange regime through a quarterly exchange rate regime, reduce import duties on certain imported items, and promote trade agreements like the African Continental Free Trade Area (AfCFTA) agreement if it hopes to improve the nations import and export trade.
Speaking with the Nigerian Tribune exclusively, the National President of the Association of Nigerian Licensed Customs Agents (ANLCA), Emenike Nwokeoji urged the Federal Government to reduce import duties on machineries and drugs in-order to ameliorate the sufferings of the masses.
According to the ANLCA National President, “Every importation is dependent on the availability of foreign exchange because importation is an international trade. The Federal Government must stabilize our exchange rate.
“Severally, we have appealed to government to have something like a quarterly exchange rate regime for the purpose of import calculation. This will help the importers to project and plan their imports. But a situation where the nations exchange rate changes three times in a week, this does not encourage import planning for manufacturers and commodity merchants.
“Government should create an environment that allows importers to plan and know what to expect as Customs duty payment when their shipment arrives.
“Again, another way government can ameliorate the suffering of the masses is to waive Customs duty on certain shipments. We need to de-emphasise focus on revenue collection at our ports.
“The high duty payments at our ports are being transferred on the end-users of the commodities, that is the common man on the streets, and that’s why inflation is very high in Nigeria.
“Late last year, Ghana removed import duties on certain imports just to curtail inflation. It’s a shame that Nigerian importers pay so much to bring in machinery and drugs. This is why the cost of drugs and other goods are so high in this country.
“Some routine drugs like diabetics and hypertensive drugs are so expensive in Nigeria because the duty paid on these drugs at our ports is too high.”
Also speaking, the Head of Research of the Sea Empowerment Research Center, Fwdr. Eugene Nweke, called on the Federal Government to promote trade agreement like the AfCFTA to enhance Nigeria’s trade pattern.
“In 2025, it is expected that the government should enhance fiscal policies that encourage investors to invest in Infrastructure, including ports, roads, and transportation systems, to facilitate the movement of goods and reduce costs for businesses. Transport costs are a combination of factors, including poor road networks, high energy costs, and inadequate fertilizer supply to farmers.
“Additionally, the government is encouraged to promote Trade Agreements like the African Continental Free Trade Area (AfCFTA), so as to increase trade with other African countries and reduce tariffs. However, there are concerns about the use of African currencies or a unified African currency, and the recent China currency swap deal may not align with these goals.”
“Then, the government should, as a priority, increase its support to Small and Medium-Sized Enterprises (SMEs) by providing access to finance, training, and markets.
“The government needs to implement policies to increase revenue from non-oil exports and reduce reliance on oil exports. By doing so, the government can create a more stable and sustainable economy, benefiting the common good of the people,” Fwdr. Eugene Nweke told the Nigerian Tribune.
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