Nigeria joined leading global economies like the United States of America, the European Union, and Asia on Thursday to launch the Time Release Study (TRS), aimed at enhancing the nation’s trade facilitation regime, at the Tin-Can Island Port in Lagos.
The launch event, which took place in Lagos, marked a pivotal moment in Nigeria’s commitment to streamlining Customs operations and fostering a conducive environment for international trade.
The ceremony, graced by representatives from various government agencies and key stakeholders, saw the Minister of Finance, Wale Edun, represented by the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, launching the TRS initiative in Nigeria.
Emphasizing its alignment with the Federal Government’s renewed hope agenda, Mr. Wale Edun underscored President Bola Ahmed Tinubu’s commitment to driving economic recovery and fostering a business-friendly environment. According to Mr. Wale Edun, “The Comptroller General of Customs has informed me that TRS is a WCO tool used internationally for harmonizing the various processes and procedures involved in Customs clearance.
TRS falls within the domain of the Federal Government’s renewed hope agenda, demonstrating President Bola Ahmed Tinubu’s commitment to unleashing full economic recovery for the country.
TRS also redefines the best approaches to creating an enabling environment for businesses, in addition to providing excellent services for economic cooperation. A conducive port environment is crucial for the facilitation of international trade.
Efficient Customs processes are paramount for achieving cost-effective goods clearance and indeed assuring us of efficiency in the system. It is against this background that I welcome the idea behind the introduction of TRS. I have acknowledged that it works.
In truth, TRS will ultimately cluster with a business environment that is friendly. Several countries in Europe, the US, Asia, the Middle East, and Latin America have adopted TRS, recognizing its significance in enhancing trade facilitation.
So, for Nigeria not to be left behind in the global world of development, we need to key into this initiative. I want to encourage all stakeholders in the port to rally around Customs to ensure the success of the TRS.
For us to achieve this objective, there must be synergy among all stakeholders.” Also speaking during the launch, the Comptroller General of Customs, Adewale Adeniyi, emphasized the role of TRS in providing comprehensive insights into Customs operations’ efficiency, thus contributing to national development goals.
The CGC highlighted that the data-driven initiative enables stakeholders to identify bottlenecks and inefficiencies accurately, thereby enhancing trade efficiency and promoting economic development.
Reflecting on Nigeria’s previous attempts to conduct TRS exercises, Adeniyi acknowledged the challenges faced due to a lack of collaboration among relevant agencies.
However, he expressed optimism about the current initiative, leveraging lessons learned from past experiences to ensure success.
“It is a strategic endeavor aimed at improving how we facilitate trade, ensuring alignment with international best practices, and contributing substantially to national development.
TRS plays a crucial role in assessing and enhancing trade facilitation by providing detailed insights into the efficiency of our processes.
Our dynamic and rapidly changing environment requires swift and adaptable responses to the needs as they arise. Adopting a scientific and data-driven approach is paramount not only for customs administrations but also for all stakeholders involved in international trade.
With the complexities of modern trade, traditional evaluation methods often fall short in accurately identifying bottlenecks and inefficiencies across the entire trading environment.
The TRS methodology offers a systematic and precise analysis, enabling us to identify areas for improvement with accuracy. This scientific approach enhances the credibility and reliability of our findings, ensuring that efforts to optimize trade facilitation are targeted and effective.
Embracing these methodologies allows stakeholders to collaboratively work towards enhancing trade efficiency and promoting broader economic development,” Comptroller General of Customs, Adewale Bashir Adeniyi, stated.
He said the launch of the TRS in Lagos underscores Nigeria Customs’ commitment to improving Customs operations and trade facilitation in Nigeria.
He said in addition to TRS, the NCS is deploying the AEO program, Advanced Ruling, and establishing a Customs Laboratory as part of its ongoing efforts to facilitate trade and improve government revenue.
“These initiatives are supported by the WCO, further emphasizing our dedication to enhancing trade efficiency and promoting economic growth and national development through collaboration, innovation, and strategic measures.
We extend our sincere gratitude to the Secretary-General (SG) of the WCO for the invaluable support, provision of resources, and expertise in advancing these initiatives.
Involvement with the WCO has been instrumental in ensuring the success of our efforts to modernize customs operations and enhance trade facilitation in Nigeria,” the Customs CG added.
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