In a bid to tackle the profound impact of an unstable foreign exchange regime on trade, Comptroller Dera Nnadi, the Customs Area Controller of the Nigeria Customs Service, Tincan Command has reiterated the importance of responsible partnerships and collaborations as a means to submerged the economic challenges
Nnadi stated this during a working visit to the Customs Consultative Committee (CCC) in Lagos on Monday.
During the visit, the Chairman of CCC, Alhaji Hakeem Olarenwaju underscored the far-reaching consequences of currency fluctuations on trade. He took the opportunity to enlighten the Comptroller on the intricacies of CCC operations, seeking broader strategic consultations to address operational bottlenecks in the ports.
Amidst the discussions, Olarenwaju pointed out conspicuous red tapes in the supply chain and recommended their eradication. He provided insights for achieving the policy goals of the Nigeria Customs Service, emphasizing the need for a collaborative effort.
Responding to these concerns, Comptroller Nnadi reiterated the importance of responsible partnerships and collaborations. His courtesy visit, he stated, was grounded in the belief that such alliances are incomplete without strategic mobilization and alliances. He specifically called for the support of CCC in achieving the annual revenue target for TCIP Command.
In recognizing CCC’s support in 2023, Nnadi assured the committee of the Command’s commitment to implementing key resolutions from the recent stakeholders meeting.
He emphasized the pursuit of trade compliance and facilitation, urging the trading public to enhance compliance in their trade transactions through prompt documentation and honest declaration.
Addressing concerns about alleged increases in surface payable Customs duty benchmarks, Nnadi clarified that the Service’s actions were tied to the reality of the foreign exchange rate regime. He asserted that as the exchange rate fluctuates, so would the payable Customs duty.
Looking ahead, the Comptroller outlined a system where compliance-driven traders would be rewarded with prompt service delivery, while those engaging in trade irregularities would face sanctions in line with the new Nigeria Customs Act 2023.
He extended this principle to officers, stating that deviations from duty would be met with appropriate punishment to ensure holistic and meaningful compliance.
In conclusion, the CCC chairman reassured the committee cooperation and support in achieving set goals, particularly the Command’s revenue target.
As a symbolic gesture, he presented the CCC handbook to the Comptroller, solidifying the commitment to a collaborative and compliant trade environment. The visit highlighted the pressing need for partnerships and adherence to compliance measures as essential strategies for navigating the challenges posed by the current economic landscape.