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The Customs Consultative Committee holds its inaugural meeting and urges the Government to moderate Exchange Rates in the Import and Export Business.

The Customs Consultative Committee has urged the Federal Government to review the Nigerian Customs Law to cushion the effect of Naira exchange rate volatility against the dollar.

At the inaugural quarterly Open Trade Round Table Breakfast meeting that was held at the Lagos Continental Hotel, Victoria Island yesterday, the nascent body said this has become imperative to protect local businesses engaged in import and export.

According to the body made up of representatives of trade organisations involved in the import and export business as well as, the Manufacturers Association of Nigeria (MAN), business owners and active players in the industry, the new law has the potential to increase Africa’s volume of trade which currently stood at two per cent globally.

CCC also resolved to partner with the government through institutional support aimed at ensuring the workability of the policies enunciated in the new Act.

It said, good as the new law was, the government at the centre needs to ensure the implementation of the Act with the necessary political will it deserved.

According to the body, the government needs to incentivize good corporate governance and absolute compliance with the laws governing the maritime sector, while not sparing infractions to serve as a deterrent.

“It marks duplicity to encourage violators of laws in the maritime sector by not punishing infractions, while those who are out of compliance with government policies continue to suffer huge losses,” the body said.
The Consultative Committee said efforts must make Nigeria Ports more efficient and profitable in line with global practices.

“Ports, anywhere in the world do not sleep. It works 24hours. This is the only way to go. Ports do not close businesses at all. However, it is not the same as the Nigerian port which works like the Ministry in Nigeria. This must be addressed,” it said.

While advocating improved trade facilitation among critical stakeholders, the committee said digitalization of the ports would reduce downtime as well as encourage improved trade relations targeted as raising the accruable revenue t


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