Clinton Okoro (APFFLON PRO, Tin Can Chapter)
It is quite unbearable, confusion has set in. This present situation has made every practitioner to be unprofessional, because you can’t even give a correct estimate of what an importer will pay, talk less of an accurate bill to charge an importer. How can we achieve ease of doing business with this method? I don’t think this is the right way to go, this government is lacking the best hands to handle our economy and if we continue this way the country will crumble.
Pius Ujubonu (ANLCA Chieftain)
The exchange rate conundrum is a big burden on customs, also a very big clog in the wheel of progress of trade facilitation. In the micro economic environment it is an inflammation of economic and commercial indices. The exchange induces spiral inflation. Some essential goods required for treatment of ailments will be unreachable. Raw materials required for certain productions that require importation will almost be unreachable. By and large, customs attempt to meet its revenue target may simply be a day dream.
Dr. Segun Musa (Deputy National President, Air and Logistics, NAGAFF)
The impact is to assist the customs meet the target very fast and kill the economy quickly. This is quite unfortunate and we can see the multiplying effects in the economy today. The people are gradually losing their purchasing power and this is not a good one for the economy. It is high time the government took drastic action against this menace, if not, it will be unbearable to us all.
Innocent Elum (BoT Secretary, AREFFN)
One plus one is nothing but two. This is how simple the negative impact of the customs volatile exchange rate on the freight forwarder’s business is. First, the cost of cargo clearance has gone up, forcing the importers to spend more than their budget. Importers who cannot afford the added cost will simply abandon their goods at the ports, leading to congestion. Inherent in this scenario is resultant loss of livelihood on both the importers and the freight forwarders. The general public is also affected in terms of the increased cost of goods occasioned by the development.
Babatunde Mukaila (Immediate Past National Secretary, ANLCA)
Unfortunately, the volatile Customs exchange rate is really having negative effect on business in Nigeria. Many business owners and importers are gradually getting out of jobs as they no longer can afford to import or buy goods. This can be addressed by the absolute stoppage of all informal trade in imports due to the volatility of the Customs rate.
Humphrey Okwuosa (Apapa Chapter Secretary, NCMDLCA)
The spontaneous change in exchange rate is drastically affecting the maritime industry. Invariably, it has a multiplying effect on the poor masses. Within one week, the rate has been changed three times and it will affect the cost of things and cost of living in the society. It has made a lot of people jobless because some of these importers that are making their earnings from these will go out of business. The multiplying effect is that it may breed more robbers and miscreants in the society; when they cannot afford to pay for anything.
We have written to the government that using a floating exchange rate is not good and advisable for our economy, but they keep doing it. So we have no option. But the multiplying effect may be drastic and it will bring hyper-inflation, because things will skyrocket and people will not be able to buy any longer.
Dr. Increase Uche (Member, CRFFN Governing Council)
It has put us out of business. We hope something is done by the relevant government authorities to address this before it leads to a serious economic crisis which we are already beginning to experience. The change in Customs exchange rate is becoming alarming everyday and it is making the business unpredictable and less attractive. This is really unfortunate.
